Gramercy Park Multifamily
For Sale
Contact for pricing
Pending
327 E 17th St, New York, NY 10003
Six-story, 10,208 SF elevator building in prime Gramercy location.
Property Size10,208 SF
Days on Market1024
Property Features for 327 E 17th St
General Information
Standard status
Pending
Size
10,208 SF
Property subtype
Multifamily
Zoning
R8A
Investment Type
Value Add
Site & Location
Neighborhood
Downtown
Building Details
Buildings
1
Stories
6
Units
16
Listing Agency:
Cushman & Wakefield New York
Listed By:
John Ciraulo · License #NY 10301211304
(212) 660-7700
Source:
Crexi
Added: Jan 9, 2024
Changed: Oct 26
Last Checked: Oct 28 at 7:59AM
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 Cushman & Wakefield New York
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 22-foot wide, six-story elevator building contains 10,208 square feet. Previously utilized by Beth Israel Hospital as a residential treatment facility, the building is currently vacant. The ground floor features offices and a lobby area, along with a back patio. Floors two through six each contain three one-bedroom units, with a shared one and a half bathroom. Each unit has two bedrooms in the front and one bedroom in the rear. The property is located on the north side of East 17th Street, between First and Second Avenues, in Manhattan’s Gramercy Park neighborhood, directly across from Stuyvesant Square Park. The location offers convenient access to the First Avenue L Subway Station, located two blocks away, and is a short walk from the 14th Street – Union Square Subway Station, providing access to the 4, 5, 6, and L Subway Lines. The property is situated near Gramercy Park, Friends Seminary School, and various restaurants and shopping options, at the convergence of Gramercy, Union Square, and the East Village.
Key Highlights
- Prime Gramercy Park location directly across from Stuyvesant Square Park, near top schools, restaurants, and shopping.
- 10,208 square foot, 6‑story elevator building with potential for various uses.
- Vacant building, ready for immediate renovation or repurposing.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$319,381
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,387,620
$6.4M
Cap Rate 7%
$4,562,586
$4.6M
Cap Rate 9%
$3,548,678
$3.5M
Market Conditions
NOI Build-Up for 10,208 SF
Gross rent
$611.3K $59.88/SF
− Vacancy
−$30.6K −$2.99/SF
EGI
$580.7K $56.89/SF
− OpEx
−$261.3K −$25.60/SF
NOI
$319.4K $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 Rate 5%
$6,387,620
Cap Rate 7%
$4,562,586
Cap Rate 9%
$3,548,678
Alternative Uses
Best Use
Apartment 5plus
$4.56M
$3.99M – $5.32M
NOI $319,381 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$25.41M
$22.23M – $29.64M
NOI $1,778,642 @ 7.0% cap · market cap 35.93%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
31,884
Businesses Nearby
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Business Placement
Demographics for 10003, NY
57,076
Population
30,730
Households
1.9
Avg Household Size
32
Median Age
82%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
95,127
Density / Sq Mi
$153,750
Median Household Income
$82,560
Median Earnings
$2,772
Median Rent
$1,137,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six-story, 10,208 SF elevator building in prime Gramercy location.
Where is this apartment building located?
The property is located at 327 E 17th St New York, NY.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Prime Gramercy Park location directly across from Stuyvesant Square Park, near top schools, restaurants, and shopping.; 10,208 square foot, 6‑story elevator building with potential for various uses.; Vacant building, ready for immediate renovation or repurposing.
