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    SoHo Creative Space with History Title is generated by Realmo AI

    54 Crosby St, New York, NY 10012

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    Unique mixed-use property with artistic history in prime SoHo.

    Type:Retail, Office
    Property size:
    8,000 SF
    Added:
    Sep 13, 2022
    Days on Market:
    1365
    Last Refresh:
    May 12 at 9:29 pm

    Property Features for 54 Crosby St

    General Information

    Standard status
    Active
    Size
    8,000 SF
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1900

    Spaces For Lease

    at 54 Crosby St Contact us

    $52/Mo

    Size
    8,000 SF
    Type
    Retail, Office
    Contact us

    We can help!

    Listing Contact
    John Pasquale

    Listing agent John Pasquale License #NY 10491201220

    Listing office Pep Real Estate

    Listing date Sep 13, 2022

    Source Crexi

    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 Pep Real Estate

    HighLights

    • 8,000 sq ft SoHo property on a cobblestone block, ideal for creative use.
    • Unique architectural provenance: Built by sculptor Arturo Di Modica, creator of the Charging Bull.
    • Features a 30‑foot skylight, herringbone floors, and exposed brick/stone elements.
    • Includes two private outdoor spaces: a rear terrace and a rooftop deck with skyline views.
    • Available for a 10‑year NNN lease directly from the owner, with potential concessions.
    • Suitable for pop‑up ventures with no landlord right to cancel.

    Overview

    Located on one of SoHo’s original cobblestone blocks, 54 Crosby Street offers approximately 8,000 square feet across five levels. Constructed in the late 1970s by sculptor Arturo Di Modica, the property features salvaged timber, reclaimed brick, and poured concrete. Di Modica created and assembled the Charging Bull inside this building before its installation at the New York Stock Exchange in 1989. A 30-foot skylight illuminates the center of the space, complemented by large windows overlooking the cast iron streetscape. The upper floors have open layouts with herringbone floors and lounge areas suitable for gallery use or creative office needs. The lower level maintains a black box atmosphere, featuring arched brick ceilings and exposed stone, creating a setting for exhibitions or production. The property includes two private outdoor areas: a rear terrace and a rooftop deck with skyline views. The full property is available on a ten-year NNN lease directly from the owner. Divisible for pop-ups, short term shared offices are also offered on the second and third floors. All reasonable offers will be considered and a few hundred thousand offered as concession may be available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Creative space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9985702
    Latitude
    40.7221033

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    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with artistic history in prime SoHo.
    Where is this mixed-use property located?
    The property is located at 54 Crosby St New York, NY.
    What is the lease rate?
    The lease rate is $52 SF/Yr.
    What are key features of this property?
    This property features: 8,000 sq ft SoHo property on a cobblestone block, ideal for creative use.; Unique architectural provenance: Built by sculptor Arturo Di Modica, creator of the Charging Bull.; Features a **30‑foot skylight, herringbone floors, and exposed brick/stone elements.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Pasquale
    Real Estate License ID: NY 10491201220
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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