One-Bedroom Prewar Co-Op
For Sale
$739,000
400 E 59th Street 3-A, New York City, NY 10022
Residence 3-A is a one-bedroom prewar co-op in a full-service building with a 24-hour doorman.
Property Size770 SF
Price / SF$959.74
Days on Market62
Property Features for 400 E 59th Street 3-A
General Information
Standard status
Active
Size
770 SF
Property subtype
Apartment
Building Details
Building Size
770 SF
Year Built
1928
Listing Agency:
Nest Seekers LLC
Listed By:
Yelena Kats
(917) 628-3294
Source:
Carlinwright
Added: Jul 25
Changed: Sep 21
Last Checked: Sep 24 at 4:36PM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
Residence 3-A at 400 E 59th Street is an oversized one-bedroom prewar co-op offering a classic layout with a proper foyer, oversized rooms, beamed ceilings, and hardwood floors throughout. The living room features a decorative fireplace with original woodwork, and the home includes five large closets, including two walk-in closets and four California Closets.
The windowed kitchen has fully integrated appliances, including a Bosch refrigerator, Bertazzoni microwave, and a 24" wide Smeg commercial range, with honed black granite countertops and a mirrored backsplash. The windowed bathroom features hand-picked white Calacutta marble slab, mosaic tiled radiant heated floors, a glass rain shower with Newport Brass fittings, and a Toto toilet and sink. Living areas also include stippled and lacquered walls, new moldings, custom plantation shutters, and radiator covers, with through-the-wall AC and in-room wiring for WiFi and surround sound.
The building is a full-service pre-war co-op designed by Van Wart and Wein in 1928, with a 24-hour doorman, live-in super, laundry room, bike room, and a serene garden off the lobby. The co-op is a 120-unit building split among two separate towers, with 75% financing permitted, no flip tax, pet-friendly policies, and pied-a-terres and sublets allowed. Maintenance includes electricity and basic RCN cable.
The windowed kitchen has fully integrated appliances, including a Bosch refrigerator, Bertazzoni microwave, and a 24" wide Smeg commercial range, with honed black granite countertops and a mirrored backsplash. The windowed bathroom features hand-picked white Calacutta marble slab, mosaic tiled radiant heated floors, a glass rain shower with Newport Brass fittings, and a Toto toilet and sink. Living areas also include stippled and lacquered walls, new moldings, custom plantation shutters, and radiator covers, with through-the-wall AC and in-room wiring for WiFi and surround sound.
The building is a full-service pre-war co-op designed by Van Wart and Wein in 1928, with a 24-hour doorman, live-in super, laundry room, bike room, and a serene garden off the lobby. The co-op is a 120-unit building split among two separate towers, with 75% financing permitted, no flip tax, pet-friendly policies, and pied-a-terres and sublets allowed. Maintenance includes electricity and basic RCN cable.
Key Highlights
- Residence 3‑A one‑bedroom prewar co‑op with proper foyer and oversized rooms
- Decorative fireplace with original woodwork, beamed ceilings, and hardwood floors
- Windowed kitchen with integrated Bosch refrigerator, Bertazzoni microwave, and 24" Smeg commercial range
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
$24,091
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
3.26%
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%
$481,820
$481.8K
Cap Rate 7%
$344,157
$344.2K
Cap Rate 9%
$267,678
$267.7K
Market Conditions
NOI Build-Up for 770 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
$46.1K $59.88/SF
− Vacancy
−$2.3K −$2.99/SF
EGI
$43.8K $56.89/SF
− OpEx
−$19.7K −$25.60/SF
NOI
$24.1K $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%
$481,820
Cap Rate 7%
$344,157
Cap Rate 9%
$267,678
Alternative Uses
Best Use
Apartment 5plus
$344.2K
$301.1K – $401.5K
NOI $24,091 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,165 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
29,944
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 - Residence 3-A is a one-bedroom prewar co-op in a full-service building with a 24-hour doorman.
Where is this residential income property located?
The property is located at 400 E 59th Street 3-A New York City, NY.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Residence 3‑A one‑bedroom prewar co‑op with proper foyer and oversized rooms; Decorative fireplace with original woodwork, beamed ceilings, and hardwood floors; Windowed kitchen with integrated Bosch refrigerator, Bertazzoni microwave, and 24" Smeg commercial range
