162 56Th St New York, NY 10019
- Flex space
- 20,302 SF
- 0.17 lot acres
Current Use by Public Records
- Lissner & Lissner LLP / Attorney / Elder Law Attorney
- Souvlaki GR / Greek Restaurant
- Dr. Ruth Fernandez, DC - Chiropractor / Chiropractor
- Dale Markowitz, LCSW - The Psychotherapy Association / Counselor / Psychotherapist
- Leonila Maglilong DDS Family Dentistry PC / Dentist
Property Details for 162 56Th St
- Year built
- 1926
- Lot size
- 0.17 lot acres
- Property size
- 20,302 SF
- Zone code
- C6-6
- Property type
- Flex space
- APN
- 01008-1601
- APU
- 10081601
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9803
- Latitude
- 40.7646
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
