Residential Income Property with
For Sale
$650,000
88 Greenwich Street 1014, New York City, NY 10006
Flexible studio residence with a private alcove, updated finishes, premium appliances, and extensive full-service building amenities.
Property Size735 SF
Price / SF$884.35
Days on Market178
Property Features for 88 Greenwich Street 1014
General Information
Standard status
Active
Size
735 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x alcove studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,560
Amenities
state-of-the-art gym
library
grand piano
billiards
media room
24-hour doorman
valet service
Harbor Room
full kitchen
cable TV
Wi-Fi
on-site business center
cold storage
laundry room
Building Details
Building Size
735 SF
Year Built
1929
Listing Agency:
Compass
(646) 510-1855
Listed By:
Michael Engstrom
(646) 510-1855
Source:
Howardhannanyc
Added: Feb 27
Changed: Aug 24
Last Checked: Aug 24 at 1:18PM
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.
This 735-square-foot alcove studio at Greenwich Club features a hallway-separated sleeping or office area, high ceilings, hardwood floors, and substantial closet storage. The open kitchen connects to a large great room and includes walnut cabinetry, black countertops, a matching glass backsplash, a Sub-Zero refrigerator, Fisher & Paykel double-drawer dishwashers, and a Viking range. The marble-finished bathroom includes a lava stone floor, rain shower, Kohler soaking tub, wood vanity, and glass shelving.
Completed in 1929, the building offers a fitness center, library, billiards and media room, 24-hour doorman, valet services, business center, cold storage, Wi-Fi-enabled common areas, and laundry facilities on every floor. Owners also have access to the Harbor Room on the 24th floor, which includes a kitchen and Hudson River, New York Harbor, and downtown skyline views.
The residence is two blocks from express subway and PATH service. Hudson River parks, Seaport attractions, Oculus Mall, Fulton Transportation Center, Eataly, and Whole Foods are also nearby, with several listed shopping destinations one block away.
Completed in 1929, the building offers a fitness center, library, billiards and media room, 24-hour doorman, valet services, business center, cold storage, Wi-Fi-enabled common areas, and laundry facilities on every floor. Owners also have access to the Harbor Room on the 24th floor, which includes a kitchen and Hudson River, New York Harbor, and downtown skyline views.
The residence is two blocks from express subway and PATH service. Hudson River parks, Seaport attractions, Oculus Mall, Fulton Transportation Center, Eataly, and Whole Foods are also nearby, with several listed shopping destinations one block away.
Key Highlights
- 735 SF alcove studio with a hallway‑separated sleeping or office area
- Open kitchen with Sub‑Zero, Fisher & Paykel, and Viking appliances
- High ceilings, hardwood floors, oversized windows, and generous closet storage
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
$22,996
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
3.54%
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%
$459,920
$459.9K
Cap Rate 7%
$328,514
$328.5K
Cap Rate 9%
$255,511
$255.5K
Market Conditions
NOI Build-Up for 735 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
$44.0K $59.88/SF
− Vacancy
−$2.2K −$2.99/SF
EGI
$41.8K $56.89/SF
− OpEx
−$18.8K −$25.60/SF
NOI
$23.0K $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%
$459,920
Cap Rate 7%
$328,514
Cap Rate 9%
$255,511
Alternative Uses
Best Use
Apartment 5plus
$328.5K
$287.5K – $383.3K
NOI $22,996 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.13M
NOI $128,066 @ 7.0% cap · market cap 19.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Flexible studio residence with a private alcove, updated finishes, premium appliances, and extensive full-service building amenities.
Where is this residential income property located?
The property is located at 88 Greenwich Street 1014 New York City, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 735 SF alcove studio with a hallway‑separated sleeping or office area; Open kitchen with Sub‑Zero, Fisher & Paykel, and Viking appliances; High ceilings, hardwood floors, oversized windows, and generous closet storage
