Studio Residential Income
For Sale
$599,000
88 GREENWICH Street 1613, New York City, NY 10006
South-facing condominium residence with harbor views, flexible living space, and a dedicated home-office area.
Property Size614 SF
Price / SF$975.57
Days on Market152
Property Features for 88 GREENWICH Street 1613
General Information
Standard status
Active
Size
614 SF
Property subtype
Apartment
Building Details
Building Size
614 SF
Year Built
1956
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 317-3679
Listed By:
Kathleen Moosher
(212) 317-3679
Source:
Carytamura
Added: Mar 25
Changed: Aug 23
Last Checked: Aug 23 at 9:24AM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This 614-square-foot studio condominium offers a flexible layout with a south-facing living area, a separate home-office zone, and 10'2" ceilings. The open kitchen includes a breakfast bar, stainless Sub Zero refrigerator, Fisher & Paykel double-drawer dishwasher, Viking range and microwave. Wood floors, built-in storage, and a contemporary bathroom with a Kohler soaking tub and rain shower complete the interior. A 72-cubic-foot storage unit is also included.
Building amenities include a full-time doorman, fitness center, yoga studio, outdoor sky deck lounge, residents’ lounge, library, billiard and screening room, bicycle room, cold storage, valet service, business center, and floor-by-floor laundry and WiFi. The property is in the Financial District near New York Harbor, the Hudson River Greenway and waterfront, World Trade Center, Wall Street, Brookfield Place, Whole Foods, and subway service on the #2, 3, 4, 5, J, Z, R and W lines.
Building amenities include a full-time doorman, fitness center, yoga studio, outdoor sky deck lounge, residents’ lounge, library, billiard and screening room, bicycle room, cold storage, valet service, business center, and floor-by-floor laundry and WiFi. The property is in the Financial District near New York Harbor, the Hudson River Greenway and waterfront, World Trade Center, Wall Street, Brookfield Place, Whole Foods, and subway service on the #2, 3, 4, 5, J, Z, R and W lines.
Key Highlights
- 614‑square‑foot studio with south‑facing exposure and views of New York Harbor, Verrazano Bridge and Governors Island
- Flexible interior includes a dedicated home‑office area, built‑in storage and 10'2" ceilings
- Open kitchen with Sub Zero refrigerator, Fisher & Paykel double‑drawer dishwasher and Viking range
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
$19,210
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
3.21%
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%
$384,200
$384.2K
Cap Rate 7%
$274,429
$274.4K
Cap Rate 9%
$213,444
$213.4K
Market Conditions
NOI Build-Up for 614 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
$36.8K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$34.9K $56.89/SF
− OpEx
−$15.7K −$25.60/SF
NOI
$19.2K $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%
$384,200
Cap Rate 7%
$274,429
Cap Rate 9%
$213,444
Alternative Uses
Best Use
Apartment 5plus
$274.4K
$240.1K – $320.2K
NOI $19,210 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.53M
$1.34M – $1.78M
NOI $106,983 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - South-facing condominium residence with harbor views, flexible living space, and a dedicated home-office area.
Where is this residential income property located?
The property is located at 88 GREENWICH Street 1613 New York City, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 614‑square‑foot studio with south‑facing exposure and views of New York Harbor, Verrazano Bridge and Governors Island; Flexible interior includes a dedicated home‑office area, built‑in storage and 10'2" ceilings; Open kitchen with Sub Zero refrigerator, Fisher & Paykel double‑drawer dishwasher and Viking range
