Versatile Medical/Office/Residential
400 E 56th St New York, NY 10022
For Sale
Contact for pricing
Adaptable 3,257 SF space suitable for medical, office, or residential use.
Property Size3,267 SF
Price / SF$518.82
Days on Market645
Property Features for 400 E 56th St
General Information
- Standard status
- Active
- Size
- 3,267 SF
- Property subtype
- Office
Listing Agency:
Signature Partners
(212) 813-3573
Listed By:
Michael Pinney · License #NY 40PI1018647
Source:
Crexi
Added: Oct 18, 2024
Changed: Jul 10
Last Checked: Jul 23 at 9:57AM
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 Signature Partners
Investment Insights
Based on property information with market context.
This ground floor property offers approximately 3,257 square feet suitable for commercial, professional office, or residential use. Currently configured as a dental office, it features 12 exams/operatories and is comprehensively outfitted with multiple laboratories, x-ray facilities, and gas lines. A gracious reception area leads to two reception desks, accommodating multiple practices. The space is equipped with a built-in speaker system, tenant-controlled heating and air conditioning, and a security system. Medical suites have a dedicated street entrance as part of an elegant porte-cochere driveway. The building provides an underground garage with discrete access. Building amenities include a rooftop pool and seating areas with views, a party room/conference center with a catering kitchen, and a well-outfitted exercise room. The suite can be converted to fully residential or live/work. The property has easy access from FDR Drive and multiple subway lines.
Key Highlights
- Expansive 3,257 sq ft ground floor space ideal for commercial, professional office, or residential purposes.
- Currently a dental office featuring 12 exam rooms/operatories, multiple labs, x‑ray facilities, and gas lines.
- Adaptable space can be converted to fully residential or live/work.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $168.2k | $51.48 |
| − Vacancy | −$31.8k | −$9.73 |
| EGI | $136.4k | $41.75 |
| − OpEx | −$34.1k | −$10.44 |
| NOI | $102.3k | $31.31 |
3,267 SF · lease $51.48/SF/yr · vacancy 18.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.70M
NOI $102,299 @ 7.0% cap · market cap 6.04%
Second Best
Healthcare Medical
$1.39M
$1.22M – $1.62M
NOI $97,383 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$8.13M
$7.12M – $9.49M
NOI $569,242 @ 7.0% cap · market cap 33.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Marcelle Design, Inc.
Marketing & Advertising
Hell's Kitchen Barbers
Barber Shop
Hemisphere Hospitality
Hotel & Motel
Pinsky Carl M ...
Physician
Worthington Joseph DDS
Dental Office
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FAQs
What type of property is this?
Medical Office Space - Adaptable 3,257 SF space suitable for medical, office, or residential use.
Where is this medical office space located?
The property is located at 400 E 56th St New York, NY.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Expansive 3,257 sq ft ground floor space ideal for commercial, professional office, or residential purposes.; Currently a dental office featuring 12 exam rooms/operatories, multiple labs, x‑ray facilities, and gas lines.; Adaptable space can be converted to fully residential or live/work.
