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Property profile & analytics
OFF-MARKET
Estimated value
$65,055,000
Warehouses
622 51st St, New York, NY 10019
Entity Owned
21-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US63-3050133
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2019
Total area
143,449 SF
Lot
0.58 ac (25,150 SF)
Zoning code
M2-4
APN
01098-0048
UPID
US63-3050133
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
-
Life Storage - New York Storage Facility
-
Michael Weschler Photographer & Commercial Director Photography Service (Bike/Boat/Book/etc) Store
-
Rogosin Institute Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$64.69M
Blend (final)
Blend
$65.06M
Owner & transaction history
Jafrog Realty LLC · 21 yrs held
Jafrog Realty LLC
since 2005
7 recorded transactions
Zoning & alternative use
M2-4 · 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
COMMERCIAL (GENERAL)
$98,590,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$65.06M
Range $58.55M – $71.56M · ±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
$454 / 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
$1,448,843
Tax year 2024
Assessed value
$13,678,650
Assessed 2024
Previous assessed
$12,077,010
+13.3% YoY
Effective rate
10.59%
On assessed value
Assessed land
$2,833,380
Assessed improvement
$10,845,270
Land market value
$6,203,000
Improvement market value
$32,344,000
Total market value
$38,547,000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2019
Heating
NONE
Buildings
1
Stories
8
Total area
143,449 SF
Lot
0.58 ac (25,150 SF)
Zoning code
M2-4
APN
01098-0048
UPID
US63-3050133
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M2-4 · New York, NY
Zoning M2-4 · permitted uses
M2-4 · 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
COMMERCIAL (GENERAL)
Est. value
$98.6M
COMMERCIAL (GENERAL)
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
2019
Heating
NONE
Stories
8
Buildings
1
Lot
0.58 ac
Current owner
From public records · entity-resolved
Jafrog Realty LLC
Entity
Mailing address
250 W 26TH ST, NEW YORK, NY 10001-6737
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 19, 2025
—
622 West 51st Street Holdings, LLC
—
Deed
related
$14,453,204 · Extra Space Storage LP
Aug 22, 2022
—
Jafrog Realty, LLC
—
Deed
related
$27,500,000 · First Republic Bank
Aug 17, 2020
—
Jafrog Realty LLC
—
Deed
related
$5,000,000 · New York Cmnty Bk
May 10, 2019
—
622 W 51st Street Hldgs LLC
—
Grant Deed
related
$27,163,010 · Mb Fin'l Bk
Feb 20, 2013
—
J A Frog Realty LLC
—
Grant Deed
related
$5,500,000 · New York Community Bank
Mar 30, 2005
$10,000,000
Jafrog Realty LLC
Full Gospel N Y Church-assem
Grant Deed
$5,415,000 · New York Community Bank
—
—
Jafrog Realty LLC
—
Deed Of Trust
related
$790,701 · New York Community Bank
—
—
Jafrog Realty LLC
—
Loan Modification
related
$5,000,000 · New York Cmnty Bk
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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