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    Property profile & analytics

    231 50Th St New York, NY 10022

    • Apartment buildings
    • 14,579 SF
    • 0.07 lot acres
    For Lease
    View listing
    $60 SF/Yr
    Value Estimations
    $175,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3064673
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • United Hay LLC / Apartment Building
    • Marezzata / Italian Restaurant / Japanese Restaurant

    Property Details for 231 50Th St

    Year built
    1950
    Lot size
    0.07 lot acres
    Property size
    14,579 SF
    Zone code
    R8B
    Property type
    Apartment buildings
    APN
    01324-0014
    APU
    13240014

    Description

    This exceptional 4,000 square foot retail space, located at 231 E 50th St in New York City's Midtown East, presents a unique opportunity for a discerning restaurateur. Previously a successful Italian restaurant, this second-generation space boasts an impressive array of features ideally suited for a high-end culinary establishment. The property includes two fully equipped kitchens, each with a separate prep area, providing ample capacity for large-scale operations. Two separate entrances offer flexibility and convenience for both customers and staff. The layout is spacious and well-designed, featuring three private dining rooms, perfect for intimate gatherings or special events. Additional amenities include four bathrooms, extensive storage space, a dedicated wine cellar, and two separate bars. The existing infrastructure includes robust venting and gas lines, simplifying the setup for a new tenant. The lower level offers additional restaurant space, which could be utilized as a separate dining area or for expanded kitchen operations. The property's location in Midtown East ensures high foot traffic and visibility, making it an ideal location for a thriving restaurant. This turnkey space is ready for immediate occupancy, offering a significant advantage for a quick and efficient launch. The property is located in New York County, NY, 10022.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $175,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9694
    Latitude
    40.7555
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $246,049
    $389,250
    $1,578,830
    $1,968,080
    -
    $865,000
    $4,317,000
    $5,182,000

    Comparable in this City

    • Value Estimation
      $340,000
      28,458 SF

      214 51st St

      APARTMENT HOUSE (5+ UNITS) • 28,458 SF
      214 51st St, New York, NY 10022-6503
      View Details
    • Value Estimation
      $240,000
      10,500 SF

      336 54th St

      APARTMENT HOUSE (5+ UNITS) • 10,500 SF
      336 54th St, New York, NY 10022-5001
      View Details
    • Value Estimation by Request
      4,500 SF

      416 50Th St

      Multifamily properties • 4,500 SF
      416 50Th St, New York, NY 10022
      View Details
    • Value Estimation
      $310,000
      4,192 SF

      311 52nd St

      APARTMENT HOUSE (5+ UNITS) • 4,192 SF
      311 52nd St, New York, NY 10022-6321
      View Details
    • Value Estimation
      $285,000
      9,938 SF

      351 54th St

      APARTMENT HOUSE (5+ UNITS) • 9,938 SF
      351 54th St, New York, NY 10022-4940
      View Details
    • Value Estimation
      $320,000
      30,225 SF

      330 58th St

      APARTMENT HOUSE (5+ UNITS) • 30,225 SF
      330 58th St, New York, NY 10022-2262
      View Details

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    • Contact for pricing
      3,394 SF

      Prime Midtown East Retail Space

      NYC Retail: 1,353-2,041 SF Available
      0 51St St, New York, NY 10022
      View Details
    • $193 SF/Yr
      1,500 SF

      Midtown East Restaurant Space Available

      Prime Midtown East location, 1500 sq ft, full build-out.
      300 52Nd St, New York, NY 10022
      View Details
    • $60,000
      520 SF

      Prime Midtown East Retail Space

      520 SF Turn-Key Retail, High Traffic
      889 1St Ave, New York, NY 10022
      View Details
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    231 50Th St
    New York, NY 10022
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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