Residential Income Penthouse with
For Sale
$1,850,000
521 W 47TH Street 4D, New York City, NY 10036
Designer penthouse residence with two private terraces, central air, and a rooftop terrace with outdoor kitchen features.
Property Size2,250 SF
Days on Market35
Property Features for 521 W 47TH Street 4D
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Triplex
Building Details
Building Size
2,250 SF
Year Built
1910
Listing Agency:
Douglas Elliman Real Estate
(917) 385-4734
Listed By:
Mark Oltarsh · License #10401345375
(917) 385-4734
Source:
Tricialee
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 10 at 9:47AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Designer penthouse residence offering more than 3,000 square feet of combined indoor and outdoor living across three levels. The home features two private terraces, sweeping four-exposure views, soaring 11-foot ceilings, exposed brick, oversized windows, and an entertaining-focused living and dining layout anchored by a wood-burning fireplace. The chef’s kitchen includes waterfall Carrara marble countertops, custom cabinetry, and a full suite of Wolf, Sub-Zero, and Miele appliances.
The primary suite is tucked away for privacy and includes custom closet space and a spa-inspired bath with heated floors, a Jacuzzi soaking tub, and a granite-clad rainfall shower. A second level provides two bedrooms, a windowed bath, and direct access to the first terrace. The upper level offers a glass-enclosed lounge, studio, or entertaining pavilion with its own European-inspired spa bath, opening directly to a rooftop terrace.
The rooftop terrace includes an outdoor kitchen with a built-in grill and refrigerator, with extraordinary 360-degree unobstructed Manhattan skyline views. Additional highlights include two wood-burning fireplaces, central air conditioning, in-home laundry, wide-plank White New Hampshire Birch flooring, recessed lighting, and abundant custom storage. The residence is located within a Hell’s Kitchen co-op that offers condo-like flexibility and a liberal sublet policy, with a year built of 1910.
The primary suite is tucked away for privacy and includes custom closet space and a spa-inspired bath with heated floors, a Jacuzzi soaking tub, and a granite-clad rainfall shower. A second level provides two bedrooms, a windowed bath, and direct access to the first terrace. The upper level offers a glass-enclosed lounge, studio, or entertaining pavilion with its own European-inspired spa bath, opening directly to a rooftop terrace.
The rooftop terrace includes an outdoor kitchen with a built-in grill and refrigerator, with extraordinary 360-degree unobstructed Manhattan skyline views. Additional highlights include two wood-burning fireplaces, central air conditioning, in-home laundry, wide-plank White New Hampshire Birch flooring, recessed lighting, and abundant custom storage. The residence is located within a Hell’s Kitchen co-op that offers condo-like flexibility and a liberal sublet policy, with a year built of 1910.
Key Highlights
- More than 3,000 square feet of combined indoor and outdoor living across three levels
- Two private terraces plus a rooftop terrace with 360‑degree unobstructed Manhattan skyline views
- Soaring 11‑foot ceilings, exposed brick, and oversized 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
$70,396
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
3.81%
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%
$1,407,920
$1.4M
Cap Rate 7%
$1,005,657
$1.0M
Cap Rate 9%
$782,178
$782.2K
Market Conditions
NOI Build-Up for 2,250 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
$134.7K $59.88/SF
− Vacancy
−$6.7K −$2.99/SF
EGI
$128.0K $56.89/SF
− OpEx
−$57.6K −$25.60/SF
NOI
$70.4K $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%
$1,407,920
Cap Rate 7%
$1,005,657
Cap Rate 9%
$782,178
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$880.0K – $1.17M
NOI $70,396 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.60M
$4.90M – $6.53M
NOI $392,040 @ 7.0% cap · market cap 21.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
28,628
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Designer penthouse residence with two private terraces, central air, and a rooftop terrace with outdoor kitchen features.
Where is this residential income property located?
The property is located at 521 W 47TH Street 4D New York City, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: More than 3,000 square feet of combined indoor and outdoor living across three levels; Two private terraces plus a rooftop terrace with 360‑degree unobstructed Manhattan skyline views; Soaring 11‑foot ceilings, exposed brick, and oversized windows
