Updated Residential Income
For Sale
$1,275,000
400 E 56th Street 37-D, New York City, NY 10022
High-floor cooperative residence with skyline and East River views, flexible dining space, and a private balcony.
Property Size1,500 SF
Price / SF$850
Days on Market11
Property Features for 400 E 56th Street 37-D
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
fitness room
laundry room
garage
package room
bike room
sky top recreational lounge
outdoor heated pool
furnished outdoor deck
Building Details
Year Built
1968
Listing Agency:
R New York
(917) 282-3737
Listed By:
Geraldine A Onorato
(917) 282-3737
Source:
Bondnyre
Added: Jul 31
Changed: Aug 10
Last Checked: Aug 10 at 10:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of R New York
Investment Insights
Based on property information with market context.
This approximately 1,500 SF cooperative residence on the 37th floor offers a two-bedroom, two-bath layout with north- and west-facing views toward the Manhattan skyline and East River. The home includes a broad entry foyer, oversized living room, private open-air balcony, and separate dining area with HVAC that can be adapted as a third bedroom, office, or den. The windowed kitchen has stainless steel appliances, black stone countertops, and refreshed cabinetry. Additional features include a king-size primary suite with two closets and a windowed en-suite marble bath, a second bedroom with a walk-in closet, high ceilings, restored parquet flooring, and extensive entry-hall storage.
Plaza 400 is a white-glove cooperative completed in 1968. Building amenities include a fitness room, laundry room, garage, package room, bike room, rooftop recreational lounge, heated outdoor pool, and furnished outdoor deck. Maintenance includes utilities. The property is near the East River Greenway, Midtown shopping, subway and bus service, Whole Foods, Trader Joe’s, and neighborhood restaurants. Cooperative policies permit guarantors, co-purchasing, trust ownership, parents buying for children, pied-à-terre use, and subletting for 3 out of 5 years with board approval after 3 years of residency. Financing up to 70% is permitted, and the buyer pays a 2% flip tax.
Plaza 400 is a white-glove cooperative completed in 1968. Building amenities include a fitness room, laundry room, garage, package room, bike room, rooftop recreational lounge, heated outdoor pool, and furnished outdoor deck. Maintenance includes utilities. The property is near the East River Greenway, Midtown shopping, subway and bus service, Whole Foods, Trader Joe’s, and neighborhood restaurants. Cooperative policies permit guarantors, co-purchasing, trust ownership, parents buying for children, pied-à-terre use, and subletting for 3 out of 5 years with board approval after 3 years of residency. Financing up to 70% is permitted, and the buyer pays a 2% flip tax.
Key Highlights
- Approximately 1,500 SF two‑bedroom, two‑bath cooperative residence on the 37th floor
- North- and west‑facing Manhattan skyline and East River views
- Private open‑air balcony and dining area with HVAC adaptable as a third bedroom, office, or den
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$46,931
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$938,620
$938.6K
Cap Rate 7%
$670,443
$670.4K
Cap Rate 9%
$521,456
$521.5K
Market Conditions
NOI Build-Up for 1,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$89.8K $59.88/SF
− Vacancy
−$4.5K −$2.99/SF
EGI
$85.3K $56.89/SF
− OpEx
−$38.4K −$25.60/SF
NOI
$46.9K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$938,620
Cap Rate 7%
$670,443
Cap Rate 9%
$521,456
Alternative Uses
Best Use
Apartment 5plus
$670.4K
$586.6K – $782.2K
NOI $46,931 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.73M
$3.27M – $4.36M
NOI $261,360 @ 7.0% cap · market cap 20.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
27,619
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - High-floor cooperative residence with skyline and East River views, flexible dining space, and a private balcony.
Where is this residential income property located?
The property is located at 400 E 56th Street 37-D New York City, NY.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Approximately 1,500 SF two‑bedroom, two‑bath cooperative residence on the 37th floor; North- and west‑facing Manhattan skyline and East River views; Private open‑air balcony and dining area with HVAC adaptable as a third bedroom, office, or den
