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Property profile & analytics
OFF-MARKET
Estimated value
$1,845,000
Theaters & concert halls
550 2nd Ave, New York, NY 10016-6307
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US63-3070250
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1998
Total area
173,364 SF
Lot
1.24 ac (54,145 SF)
Zoning code
R8
APN
00936-0001
UPID
US63-3070250
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Rite Aid Pharmacy Pharmacy
-
Amazon Hub Locker - Whyte Postal Service Courier Service
-
Rise Recreational Cannabis Dispensary (Bike/Boat/Book/etc) Store
-
KeyMe Locksmiths Locksmith (Bike/Boat/Book/etc) Store
-
Fairway Market Kips Bay Grocery & Convenience Store Food Market
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.85M
Owner & transaction history
Fairway Kips Bay LLC · 9 yrs held
Fairway Kips Bay LLC
since 2016
7 recorded transactions
Zoning & alternative use
R8 · New York, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New York submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New York submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
THEATER (MOVIE)
$2,960,000
Current use
Blend value · Realmo final
$1.85M
Range $1.66M – $2.03M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$11 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$2,522,093
Tax year 2024
Assessed value
$23,811,298
Assessed 2024
Previous assessed
$23,894,176
-0.3% YoY
Effective rate
10.59%
On assessed value
Assessed land
$7,875,000
Assessed improvement
$15,936,298
Land market value
$17,500,000
Improvement market value
$37,718,000
Total market value
$55,218,000
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
1998
Heating
NONE
Buildings
1
Stories
2
Units
6
Total area
173,364 SF
Lot
1.24 ac (54,145 SF)
Zoning code
R8
APN
00936-0001
UPID
US63-3070250
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R8 · New York, NY
Zoning R8 · permitted uses
R8 · New York, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New York. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
THEATER (MOVIE) Current
Est. value
$3.0M
THEATER (MOVIE) Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Heating
NONE
Stories
2
Buildings
1
Units
6
Lot
1.24 ac
Current owner
From public records · entity-resolved
Fairway Kips Bay LLC
Entity
Mailing address
550 2ND AVE, NEW YORK, NY 10016-6307
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 6, 2016
—
Fairway Kips Bay LLC
—
Deed
related
$4,600,000 · Credit Suisse Ag
Oct 26, 2012
—
Dfd Dev LP
—
Deed Of Trust
related
$18,700,000 · Prudential Insurance Co
Dec 1, 2009
—
Bay Dev Kips
—
Deed Of Trust
related
$10,918,523 · Union Labor Life Insurance Co
Nov 13, 2009
—
Dfd Dev Ltd Ptshp
—
Deed Of Trust
related
$86,810,874 · Union Labor Life Insurance Co
Mar 4, 2008
—
Kips Bay Development
—
Deed Of Trust
related
$10,000,000 · Union Labor Life Insurance Co
Aug 16, 2005
—
Dfd Development Limited Partne
—
Deed Of Trust
related
$36,295,577 · Union Labor Life Insurance Co
—
—
Fairway Kips Bay LLC
—
Loan Modification
related
$4,600,000 · Credit Suisse Ag
—
—
Dfd Dev LP
—
Deed Of Trust
related
—
—
—
Dfd Dev Lpy
—
Deed Of Trust
related
—
—
—
Bay Dev Kips
—
Deed Of Trust
related
$4,994,000 · Union Labor Life Insurance Co
—
—
Dfd Dev LP
—
Deed Of Trust
related
$15,600,000 · Prudential Insurance Co
—
—
American Multi-cinema INC
—
Deed Of Trust
related
—
—
—
Crunch Kips Bay LLC
—
Deed Of Trust
related
—
—
—
Kips Bay Dev LP
—
Deed Of Trust
related
$4,400,000 · Prudential Insurance Co
—
—
Dfd Dev LP
—
Loan Modification
related
—
—
—
Easy 30th St LLC
—
Deed Of Trust
related
—
—
—
Dfd Development Limited Partnership
—
Deed Of Trust
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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