Creative Space with Glass
For Sale
$2,195,000
506 Greenwich Street RETAIL, New York City, NY 10013
Creative space at 506 Greenwich Street with high ceilings, glass frontage, and flexible use options.
Property Size2,042 SF
Price / SF$1,074
Days on Market120
Property Features for 506 Greenwich Street RETAIL
General Information
Standard status
Active
Size
2,042 SF
Property subtype
Apartment
Financials
Asking Price
$2,295,000
HOA Fee
$1,310
Taxes and HOA fees
Annual Taxes
$34,344
Building Details
Building Size
2,042 SF
Year Built
1883
Listing Agency:
Compass
Listed By:
David Graff
(917) 664-1452
Source:
Carlinwright
Added: May 19
Changed: Sep 8
Last Checked: Sep 14 at 10:59AM
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 Compass
Investment Insights
Based on property information with market context.
Hudson Sq/West Soho creative space for sale at 506 Greenwich Street. The unit has been used as an artist studio for approximately 20 years and offers 2 bathrooms. Interior features include approximately 2,042 SF with 14-foot ceilings and approximately 25 feet of glass frontage, supporting a range of commercial uses.
The layout includes multiple entries/retail-style frontage and can be reconfigured for different occupancy types. With its existing buildout, the space is also described as convertible to residential use.
Built in 1883, this property is positioned among neighboring retail and gallery uses, with directly adjacent spaces to the south referenced as a high-end retail clothing store and an art gallery.
The layout includes multiple entries/retail-style frontage and can be reconfigured for different occupancy types. With its existing buildout, the space is also described as convertible to residential use.
Built in 1883, this property is positioned among neighboring retail and gallery uses, with directly adjacent spaces to the south referenced as a high-end retail clothing store and an art gallery.
Key Highlights
- Approximately 2,042 SF creative space at 506 Greenwich Street
- 14‑foot ceilings
- Approximately 25 feet of glass frontage
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
$63,941
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
2.91%
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%
$1,278,820
$1.3M
Cap Rate 7%
$913,443
$913.4K
Cap Rate 9%
$710,456
$710.5K
Market Conditions
NOI Build-Up for 2,042 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
$105.1K $51.48/SF
− Vacancy
−$19.9K −$9.73/SF
EGI
$85.3K $41.75/SF
− OpEx
−$21.3K −$10.44/SF
NOI
$63.9K $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%
$1,278,820
Cap Rate 7%
$913,443
Cap Rate 9%
$710,456
Alternative Uses
Best Use
Office B
$913.4K
$799.3K – $1.07M
NOI $63,941 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.08M
$4.45M – $5.93M
NOI $355,798 @ 7.0% cap · market cap 16.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
17,958
Businesses Nearby
Explore this area
Business Placement
Demographics for 10013, NY
31,042
Population
15,933
Households
1.9
Avg Household Size
36
Median Age
72%
College-Educated
89%
High-School Grad
0.5 sq mi
ZIP Area
62,084
Density / Sq Mi
$159,474
Median Household Income
$92,765
Median Earnings
$2,378
Median Rent
$2,000,001
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?
Creative space - Creative space at 506 Greenwich Street with high ceilings, glass frontage, and flexible use options.
Where is this creative space located?
The property is located at 506 Greenwich Street RETAIL New York City, NY.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Approximately 2,042 SF creative space at 506 Greenwich Street; 14‑foot ceilings; Approximately 25 feet of glass frontage
