Two-Bedroom Corner Co-op
For Sale
$835,000
473 Fdr Drive 905, New York City, NY 10002
Corner two-bedroom co-op with eastern and western exposures and expansive views across the East River.
Property Size1,095 SF
Days on Market76
Property Features for 473 Fdr Drive 905
General Information
Standard status
Active
Size
1,095 SF
Property subtype
Apartment
Building Details
Building Size
1,095 SF
Year Built
1955
Listing Agency:
LoHo Realty Inc
(212) 388-1115
Listed By:
Jacob J Goldman
(212) 388-1115
Source:
Tricialee
Added: May 28
Changed: Aug 11
Last Checked: Aug 10 at 9:45AM
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 LoHo Realty Inc
Investment Insights
Based on property information with market context.
This two-bedroom corner co-op residence features an expansive, light-filled layout with eastern and western exposures. At the entry foyer, there’s a versatile space that can serve as a home office, reading nook, or additional storage. The oversized living room is wrapped by four corner windows and opens to bright, open views. A windowed eat-in kitchen offers flexibility for an open-concept layout, and the home includes a windowed bathroom with natural light and ventilation.
A standout interior detail is the view corridor created by the home’s exposures, including sunrise and sunset scenery. The eastern exposure off the living room and first bedroom highlights views of the Williamsburg Bridge, the East River, and East River Park, while the western exposures from the kitchen and second bedroom capture One World Trade Center and the co-op’s private park. The home also features original hardwood parquet floors throughout and five large closets for storage.
East River Co-op amenities include 24-hour attended lobbies, two large private parks, a children’s playroom, a community room, and a fully equipped fitness center. The building is near everyday conveniences including a supermarket, 24-hour deli/convenience store, and dry cleaners, with multiple shopping and dining options nearby. The co-op was built in 1955.
A standout interior detail is the view corridor created by the home’s exposures, including sunrise and sunset scenery. The eastern exposure off the living room and first bedroom highlights views of the Williamsburg Bridge, the East River, and East River Park, while the western exposures from the kitchen and second bedroom capture One World Trade Center and the co-op’s private park. The home also features original hardwood parquet floors throughout and five large closets for storage.
East River Co-op amenities include 24-hour attended lobbies, two large private parks, a children’s playroom, a community room, and a fully equipped fitness center. The building is near everyday conveniences including a supermarket, 24-hour deli/convenience store, and dry cleaners, with multiple shopping and dining options nearby. The co-op was built in 1955.
Key Highlights
- 1,095 sq. ft. two‑bedroom corner residence with eastern and western exposures
- Views of the Williamsburg Bridge, the East River, East River Park, and One World Trade Center
- Oversized living area wrapped by four corner windows
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
$34,368
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
4.12%
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%
$687,360
$687.4K
Cap Rate 7%
$490,971
$491.0K
Cap Rate 9%
$381,867
$381.9K
Market Conditions
NOI Build-Up for 1,095 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
$65.6K $59.88/SF
− Vacancy
−$3.1K −$2.81/SF
EGI
$62.5K $57.07/SF
− OpEx
−$28.1K −$25.68/SF
NOI
$34.4K $31.39/SF
Area
ZIP 10002
Vacancy
4.70%
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%
$687,360
Cap Rate 7%
$490,971
Cap Rate 9%
$381,867
Alternative Uses
Best Use
Apartment 5plus
$491.0K
$429.6K – $572.8K
NOI $34,368 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.73M
$2.38M – $3.18M
NOI $190,793 @ 7.0% cap · market cap 22.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,771
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner two-bedroom co-op with eastern and western exposures and expansive views across the East River.
Where is this residential income property located?
The property is located at 473 Fdr Drive 905 New York City, NY.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 1,095 sq. ft. two‑bedroom corner residence with eastern and western exposures; Views of the Williamsburg Bridge, the East River, East River Park, and One World Trade Center; Oversized living area wrapped by four corner windows
