Ground-Floor Live/Work Co-op with Two
For Sale
$1,695,000
400 E 56TH Street MEDICAL, New York City, NY 10022
Ground-floor live/work co-op with two separate entrances and a current high-capacity medical-suite layout.
Property Size3,257 SF
Price / SF$520.42
Days on Market93
Property Features for 400 E 56TH Street MEDICAL
General Information
Standard status
Active
Size
3,257 SF
Property subtype
Apartment
Additional Details
Floor
Ground Floor
Utilities to Site
Yes
Office Units
1
Amenities
Skytop Club
seasonal rooftop pool
lounge
24-hour doorman
concierge
on-site management
fitness center
children's playroom
valet garage
bike storage
Building Details
Building Size
3,257 SF
Year Built
1969
Buildings
1
Listing Agency:
Serhant
(646) 627-5227
Listed By:
PETER OCEAN
(646) 627-5227
Source:
Nilelundgren
Added: Apr 30
Changed: Jul 30
Last Checked: Jul 30 at 8:50PM
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 Serhant
Investment Insights
Based on property information with market context.
A 3,257-square-foot ground-floor live/work co-op unit at Plaza 400 offering flexibility for professional and residential use. The space features two distinct entrances to maintain separation between client/patient access and residential access via the building’s lobby. It is currently configured as a high-capacity medical suite with multiple exam rooms, a dedicated reception area, and administrative zones.
The unit has triple exposures to the south, east, and west for bright interior light. Plaza 400 is a self-managed co-op building with 24-hour doorman service, concierge, and on-site management. Residents also have access to the Skytop Club, including a seasonal rooftop pool and lounge with 360-degree views, plus a fitness center, children’s playroom, on-premises valet garage, and bike storage. Monthly maintenance is all-inclusive, covering central air, heat, and electricity.
A proposed floor plan shows how a portion of the space could be reimagined into a 3-bedroom, 3-bath luxury residence while still maintaining a fully functional professional wing. The co-op permits pied-Ã -terre use and guarantors. Built in 1969, Plaza 400 is positioned as a quiet, tree-lined setting with convenient access to major hospitals and corporate headquarters.
The unit has triple exposures to the south, east, and west for bright interior light. Plaza 400 is a self-managed co-op building with 24-hour doorman service, concierge, and on-site management. Residents also have access to the Skytop Club, including a seasonal rooftop pool and lounge with 360-degree views, plus a fitness center, children’s playroom, on-premises valet garage, and bike storage. Monthly maintenance is all-inclusive, covering central air, heat, and electricity.
A proposed floor plan shows how a portion of the space could be reimagined into a 3-bedroom, 3-bath luxury residence while still maintaining a fully functional professional wing. The co-op permits pied-Ã -terre use and guarantors. Built in 1969, Plaza 400 is positioned as a quiet, tree-lined setting with convenient access to major hospitals and corporate headquarters.
Key Highlights
- 3,257‑square‑foot ground‑floor live/work co‑op at Plaza 400
- Two distinct entrances for client/patient access and residential access
- Currently configured as a high‑capacity medical suite with multiple exam rooms and reception
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $195.4k | $60.00 |
| − Vacancy | −$29.3k | −$9.00 |
| EGI | $166.1k | $51.00 |
| − OpEx | −$62.3k | −$19.13 |
| NOI | $103.8k | $31.88 |
3,257 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.48M
$1.30M – $1.73M
NOI $103,817 @ 7.0% cap · market cap 6.12%
Second Best
Office B
$1.46M
$1.27M – $1.70M
NOI $101,985 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$8.11M
$7.09M – $9.46M
NOI $567,500 @ 7.0% cap · market cap 33.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Utilities to site
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Ground-floor live/work co-op with two separate entrances and a current high-capacity medical-suite layout.
Where is this live-work space located?
The property is located at 400 E 56TH Street MEDICAL New York City, NY.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 3,257‑square‑foot ground‑floor live/work co‑op at Plaza 400; Two distinct entrances for client/patient access and residential access; Currently configured as a high‑capacity medical suite with multiple exam rooms and reception
