162 56Th StNew York, NY 10019

Property Details for 162 56Th St

Year built

1926

Lot size

0.17 AC

Property size (Sq ft)

20,302 SF

Zone code

C6-6

Property type

Industrial properties

Property subtype

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.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7646

Longitude

-73.9803

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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