High-Floor Residential Income
For Sale
$630,000
88 GREENWICH Street 1122, New York City, NY 10006
Upgraded residence with harbor views, modern kitchen finishes, new HVAC units, and access to extensive building amenities.
Property Size618 SF
Days on Market71
Property Features for 88 GREENWICH Street 1122
General Information
Standard status
Active
Size
618 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
24-hour attended lobby
concierge
on-site maintenance
fitness center
library
Harbor Room
sky deck
laundry facilities
Building Details
Building Size
618 SF
Year Built
1956
Listing Agency:
ISLAND ADVANTAGE REALTY LLC
Listed By:
Todd Yovino · License #49YO0956714
(516) 819-7800
Source:
Tricialee
Added: Jun 30
Changed: Sep 8
Last Checked: Sep 8 at 12:02PM
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 ISLAND ADVANTAGE REALTY LLC
Investment Insights
Based on property information with market context.
This high-floor residential income property at 88 Greenwich Street features water and harbor views, abundant natural light, high ceilings, and upgraded interior finishes. The living area includes an electric fireplace, cove and recessed lighting, motorized blinds, Citi Quiet windows, custom closets, and a Nest thermostat. Both HVAC units are new. The kitchen is equipped with a gas stove, premium stainless steel appliances, custom cabinetry, and stone countertops. A refreshed bathroom includes a recently installed glass shower door.
Known as the Greenwich Club, the 1956 building provides a 24-hour attended lobby, concierge service, on-site maintenance, fitness center, library with grand piano, Harbor Room, sky deck, and laundry facilities on every floor. The property is a 5-minute walk from Tribeca and Battery Park City parks and playgrounds, with Whole Foods, Brookfield Place, Westfield World Trade Center, South Street Seaport, and iPic Theaters nearby. Subway lines 1, 2, 3, 4, 5, R, W, J, M, and Z, the WTC and Fulton Transit Center, PATH, ferries, and a highway are also outside the building.
Known as the Greenwich Club, the 1956 building provides a 24-hour attended lobby, concierge service, on-site maintenance, fitness center, library with grand piano, Harbor Room, sky deck, and laundry facilities on every floor. The property is a 5-minute walk from Tribeca and Battery Park City parks and playgrounds, with Whole Foods, Brookfield Place, Westfield World Trade Center, South Street Seaport, and iPic Theaters nearby. Subway lines 1, 2, 3, 4, 5, R, W, J, M, and Z, the WTC and Fulton Transit Center, PATH, ferries, and a highway are also outside the building.
Key Highlights
- High‑floor residence with water and harbor views
- New HVAC units, Citi Quiet windows, and electric blinds
- Kitchen includes gas stove, premium stainless steel appliances, custom cabinetry, and stone countertops
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
$19,336
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
3.07%
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%
$386,720
$386.7K
Cap Rate 7%
$276,229
$276.2K
Cap Rate 9%
$214,844
$214.8K
Market Conditions
NOI Build-Up for 618 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
$37.0K $59.88/SF
− Vacancy
−$1.9K −$2.99/SF
EGI
$35.2K $56.89/SF
− OpEx
−$15.8K −$25.60/SF
NOI
$19.3K $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%
$386,720
Cap Rate 7%
$276,229
Cap Rate 9%
$214,844
Alternative Uses
Best Use
Apartment 5plus
$276.2K
$241.7K – $322.3K
NOI $19,336 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.54M
$1.35M – $1.79M
NOI $107,680 @ 7.0% cap · market cap 17.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
30,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 10006, NY
4,282
Population
2,605
Households
1.6
Avg Household Size
31
Median Age
85%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
42,820
Density / Sq Mi
$209,972
Median Household Income
$113,612
Median Earnings
$3,501
Median Rent
$1,125,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upgraded residence with harbor views, modern kitchen finishes, new HVAC units, and access to extensive building amenities.
Where is this residential income property located?
The property is located at 88 GREENWICH Street 1122 New York City, NY.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: High‑floor residence with water and harbor views; New HVAC units, Citi Quiet windows, and electric blinds; Kitchen includes gas stove, premium stainless steel appliances, custom cabinetry, and stone countertops
