Full-Floor Loft Office
For Sale
$3,250,000
424 Broadway, New York, NY 10012
Two full-floor loft office condos with direct elevator entry and 10–12' ceilings, suitable for HQ, showroom, or gallery.
Property Size4,000 SF
Price / SF$812.50
Days on Market88
Property Features for 424 Broadway
General Information
Standard status
Active
Size
4,000 SF
Additional Details
Clear Height
12 ft
Office Units
2
Taxes and HOA fees
Annual Taxes
$46,841
Listing Agency:
BC Realty Group LLC
(347) 921-2111
Listed By:
Anny Yau · License #823004448
(347) 921-2111
Source:
Exprealty
Added: May 29
Changed: Aug 23
Last Checked: Aug 23 at 12:31PM
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 BC Realty Group LLC
Investment Insights
Based on property information with market context.
This offering features two full-floor commercial condominium interests designed for loft-style office and creative use. Each floor is configured with authentic loft character, including 10–12 foot ceilings and approximately 10 massive floor-to-ceiling windows that bring natural light and open volume to the space. Direct elevator access opens into the entire loft, creating an efficient, flexible floorplan that can support a range of layouts without compartmentalizing the core work area.
The property is located along Broadway in Manhattan, providing a prominent setting for businesses that benefit from a visible, street-oriented presence. Each floor operates as its own full-floor unit, giving an owner the option to acquire one floor or both, depending on whether the goal is a single tenant headquarters or combined occupancy.
For end users, the combination of direct elevator entry, ceiling height, and extensive window coverage supports environments such as headquarters, showrooms, galleries, and creative offices. For buyers evaluating flexibility, the ability to purchase one or both full floors allows tailoring to current space needs while maintaining a loft-forward presentation across the entire floorplate.
The property is located along Broadway in Manhattan, providing a prominent setting for businesses that benefit from a visible, street-oriented presence. Each floor operates as its own full-floor unit, giving an owner the option to acquire one floor or both, depending on whether the goal is a single tenant headquarters or combined occupancy.
For end users, the combination of direct elevator entry, ceiling height, and extensive window coverage supports environments such as headquarters, showrooms, galleries, and creative offices. For buyers evaluating flexibility, the ability to purchase one or both full floors allows tailoring to current space needs while maintaining a loft-forward presentation across the entire floorplate.
Key Highlights
- Two full‑floor commercial condominium spaces totaling approx. 8,000 SF (approx. 4,000 SF per floor)
- Each floor has 10–12 ft ceilings and authentic SoHo loft character
- Direct elevator access opens into each full‑floor loft space
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
$125,251
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
3.85%
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%
$2,505,020
$2.5M
Cap Rate 7%
$1,789,300
$1.8M
Cap Rate 9%
$1,391,678
$1.4M
Market Conditions
NOI Build-Up for 4,000 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
$205.9K $51.48/SF
− Vacancy
−$38.9K −$9.73/SF
EGI
$167.0K $41.75/SF
− OpEx
−$41.8K −$10.44/SF
NOI
$125.3K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$2,505,020
Cap Rate 7%
$1,789,300
Cap Rate 9%
$1,391,678
Alternative Uses
Best Use
Office B
$1.79M
$1.57M – $2.09M
NOI $125,251 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.96M
$8.71M – $11.62M
NOI $696,960 @ 7.0% cap · market cap 21.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
2
Office units
Location Intelligence
Trade Area within ½ mile
34,344
Businesses Nearby
Explore this area
Business Placement
Demographics for 10012, NY
23,125
Population
14,568
Households
1.6
Avg Household Size
35
Median Age
83%
College-Educated
96%
High-School Grad
0.3 sq mi
ZIP Area
77,083
Density / Sq Mi
$130,938
Median Household Income
$88,301
Median Earnings
$2,731
Median Rent
$1,500,000
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?
Office units - Two full-floor loft office condos with direct elevator entry and 10–12' ceilings, suitable for HQ, showroom, or gallery.
Where is this office units located?
The property is located at 424 Broadway New York, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Two full‑floor commercial condominium spaces totaling approx. 8,000 SF (approx. 4,000 SF per floor); Each floor has 10–12 ft ceilings and authentic SoHo loft character; Direct elevator access opens into each full‑floor loft space
