Residential Income Property with Alcove
For Sale
$700,000
88 GREENWICH Street 721, New York City, NY 10006
Updated residence with a separate sleeping area, renovated kitchen, generous storage, and access to extensive building amenities.
Property Size671 SF
Price / SF$1,043
Days on Market349
Property Features for 88 GREENWICH Street 721
General Information
Standard status
Active
Size
671 SF
Property subtype
Apartment
Units
Unit Mix
1 x alcove studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
24-hour doorman
concierge
roof deck
indoor sky lounge
fitness center
yoga studio
billiards room
screening area
library
business center
bike storage
cold storage
live-in super
laundry room
Building Details
Building Size
671 SF
Year Built
1956
Listing Agency:
Coldwell Banker Warburg
(917) 865-0661
Listed By:
Charles B. Holmes
(917) 865-0661
Source:
Miradorrealestate
Added: Sep 11, 2025
Changed: Aug 23
Last Checked: Aug 24 at 1:43PM
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 Coldwell Banker Warburg
Investment Insights
Based on property information with market context.
Residence 721 is a 671-square-foot alcove studio at Greenwich Club, configured with a distinct sleeping area that accommodates a queen bed and nightstands. The home includes custom closet storage, refinished engineered hardwood floors, and HVAC units replaced in December 2021. Its renovated kitchen features a Sub Zero refrigerator, Viking range and microwave, Bosch dishwasher, breakfast bar, and additional cabinetry. The updated bathroom offers a rain shower, shelving, and a mirrored medicine cabinet. A large window creates space for a dining nook or home office, while the building laundry room is located on the same floor.
Greenwich Club provides 24-hour doorman and concierge service along with a landscaped roof deck with water views, indoor sky lounge, fitness center with yoga studio, billiards room with screening area, library, business center, bike storage, cold storage, and a live-in super. The property is at 88 GREENWICH Street in New York City, near multiple subway lines. Pets are welcome.
Greenwich Club provides 24-hour doorman and concierge service along with a landscaped roof deck with water views, indoor sky lounge, fitness center with yoga studio, billiards room with screening area, library, business center, bike storage, cold storage, and a live-in super. The property is at 88 GREENWICH Street in New York City, near multiple subway lines. Pets are welcome.
Key Highlights
- 671‑square‑foot alcove studio with a separate sleeping area
- Renovated kitchen with Sub Zero, Viking, and Bosch appliances
- Custom‑built closets and refinished engineered hardwood floors
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
$20,994
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
3.00%
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%
$419,880
$419.9K
Cap Rate 7%
$299,914
$299.9K
Cap Rate 9%
$233,267
$233.3K
Market Conditions
NOI Build-Up for 671 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
$40.2K $59.88/SF
− Vacancy
−$2.0K −$2.99/SF
EGI
$38.2K $56.89/SF
− OpEx
−$17.2K −$25.60/SF
NOI
$21.0K $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%
$419,880
Cap Rate 7%
$299,914
Cap Rate 9%
$233,267
Alternative Uses
Best Use
Apartment 5plus
$299.9K
$262.4K – $349.9K
NOI $20,994 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $116,915 @ 7.0% cap · market cap 16.70%
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated residence with a separate sleeping area, renovated kitchen, generous storage, and access to extensive building amenities.
Where is this residential income property located?
The property is located at 88 GREENWICH Street 721 New York City, NY.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 671‑square‑foot alcove studio with a separate sleeping area; Renovated kitchen with Sub Zero, Viking, and Bosch appliances; Custom‑built closets and refinished engineered hardwood floors
