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    162 56Th St New York, NY 10019

    Sponsored
    For Sale
    $10,000,000

    28 Suites, 27,500 SF, High NOI

    Property size:
    27,458 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Exceptional opportunity to acquire a 100% occupied, 28-unit medical office condominium in a prime Midtown Manhattan location at 162 West 56th Street, New York, NY 10019. This Class B commercial condominium, built in 1926, boasts 27,500 square feet of net rentable space across four floors (2nd-5th), offering a diverse portfolio of office suites with various sizes and floor plans. Each unit includes a private bathroom, catering to the needs of medical professionals and other office users. The building features a modernized elevator exclusively servicing the office units, a dedicated attended lobby connected to a residential lobby with 24/7 doorman service. The property benefits from a highly desirable location directly across from Carnegie Hall, one block from multiple subway lines (NRQW and F trains), and minutes from Times Square, Central Park, and Columbus Circle. Many units offer street-facing views of 7th Avenue, Central Park, and Carnegie Hall. Currently generating a NOI of $499,000 with a 4.99% cap rate, the property presents significant upside potential. Short-term leases and high demand for similar units suggest a potential 27% rent increase, leading to a projected NOI of $876,000 and an 8.76% pro-forma cap rate. The asking price is $10,000,000, representing $364.19 per square foot and $357,143 per unit. The property will be delivered with all tenants in place.

    Property Features for 162 56Th St

    General Information

    Property type
    Medical offices
    Square Feet
    27,458 SF
    Class
    B

    Building Details

    Year Built
    1926
    Units
    28

    HighLights

    • 100% occupied, 28‑unit medical office condo in prime Midtown Manhattan location.
    • 27,500 square feet of net rentable space across four floors (2nd‑5th).
    • Modernized elevator, attended lobby with 24/7 doorman service.
    • Excellent location across from Carnegie Hall, one block from multiple subway lines, near Times Square and Central Park.
    • Currently generating $499,000 NOI with a 4.99% cap rate; pro forma NOI of $876,000 and 8.76% cap rate projected based on potential rent increases.
    • Asking price: $10,000,000 ($364.19/SF, $357,143/unit).
    Property Profile Location Intelligence

    Current Use by Public Records

    Lissner & Lissner LLP Attorney Souvlaki GR Greek Restaurant Dr. Ruth Fernandez, ... Chiropractor Dale Markowitz, LCSW ... Counselor Leonila Maglilong DDS ... Dentist

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Law Firm Food Market Clothing Store Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9803238
    Latitude
    40.7646195

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    FAQs

    What type of property is this?
    Medical office - 28 Suites, 27,500 SF, High NOI
    Where is this medical office located?
    The property is located at 162 56Th St New York, NY.
    What is the asking price?
    The asking price for this property is $10,000,000.
    What are key features of this property?
    This property features: 100% occupied, 28-unit medical office condo in prime Midtown Manhattan location.; 27,500 square feet of net rentable space across four floors (2nd-5th).; Modernized elevator, attended lobby with 24/7 doorman service.
    Request Owner's contact information
    162 56Th St New York, NY 10019
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    162 56Th St New York, NY 10019
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