Fully Leased Professional Office
162 W 56th St, New York, NY 10019
Call to check price and availability
Commercial condominium unit near Carnegie Hall, 100% leased.
Type:Office
Property size:
27,458 SFPrice / SF:
$355/SF- Added:
- Jul 21, 2023
- Days on Market:
- 1083
- Last Refresh:
- Jul 5 at 11:16 am
Property Features for 162 W 56th St
General Information
- Standard status
- Active
- Size
- 27,458 SF
- Property subtype
- Office
Building Details
- Year Built
- 1926
Listing office Loria Real Estate (212) 989-4452
Listing date Jul 21, 2023
Source Crexi
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 Loria Real Estate
HighLights
- 100% leased building with short lease terms, offering immediate income and flexibility.
- Potential for a 55% increase in Net Operating Income (NOI) due to projected market rents being 22% higher.
- Prime location directly across from Carnegie Hall and close to multiple subway lines (NRQW, F).
- Comprises 27,450 rentable square feet across four floors (2nd‑5th) with a dedicated commercial lobby.
- Each office unit has a private bathroom, suitable for medical, office, and salon tenants.
- Modernized elevator exclusively servicing the offices and a dedicated attended lobby, connected to a residential lobby with a 24/7 doorman.
Overview
This commercial condominium unit is located in a mixed-use building comprised of 28 professional suites and offices. The property, Carnegie Plaza Condominium, is situated in an 18-story corner building at 7th Avenue and 56th Street, directly across from Carnegie Hall. The commercial unit encompasses the entire 2nd through 5th floors, totaling 27,450 rentable square feet, and includes a dedicated commercial lobby. Each of the four floors contains seven office units featuring various floor plans and sizes. Every unit has a private bathroom, making them suitable for professional users such as medical offices and salons. Many street-facing offices offer views of 7th Avenue, Central Park, and Carnegie Hall. The property includes a modernized elevator servicing the offices exclusively, along with its own dedicated attended lobby. The office lobby is connected to the residential lobby, which also features a 24/7 doorman. The unit will be delivered with tenants in place. The property is one block from the NRQW and F train, and minutes from Times Square, Central Park, and Columbus Circle. The building is 100% leased, with short lease terms. Projected market rents for similar units are 22% higher.
Local 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 | $1.41M | $51.48 |
| − Vacancy | −$267.2k | −$9.73 |
| EGI | $1.15M | $41.75 |
| − OpEx | −$286.6k | −$10.44 |
| NOI | $859.8k | $31.31 |
27,458 SF · lease $51.48/SF/yr · vacancy 18.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$12.28M
$10.75M – $14.33M
NOI $859,784 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$68.35M
$59.80M – $79.74M
NOI $4,784,282 @ 7.0% cap · market cap 49.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Lissner & Lissner LLP
Law Firm
Souvlaki GR
Restaurant
Dr. Ruth Fernandez, ...
Alternative Medicine Practice
Dale Markowitz, LCSW ...
Counselor
Leonila Maglilong DDS ...
Dental Office
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9802846
- Latitude
- 40.7646369
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - Commercial condominium unit near Carnegie Hall, 100% leased.
Where is this office units located?
The property is located at 162 W 56th St New York, NY.
What is the asking price?
The asking price for this property is $9,750,000.
What are key features of this property?
This property features: 100% leased building with short lease terms, offering immediate income and flexibility.; Potential for a 55% increase in Net Operating Income (NOI) due to projected market rents being 22% higher.; Prime location directly across from Carnegie Hall and close to multiple subway lines (NRQW, F).
