205 3rd Ave Unit 17L · New York, NY 10003

$599,000

1 bd · 1.0 ba · 525 sqft · Condo · 94 Days on market

Built 1964 $1223/mo HOA · 16% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.1/30.0
• Appreciation +9.7/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +5.0/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Incredible sun-lit high-floor renovated one bedroom with Empire State Building views. Welcome home to 205 Third Avenue, Apartment 17L - a beautifully newly renovated residence with a smart, flexible layout in the highly sought-after Gramercy Park Towers. Perfectly positioned just four blocks from Union Square, this home sits in the heart of Gramercy. Oversized windows flood the space with natural light while framing iconic Empire State Building views. The expansive living room is complemented by custom walnut-framed, frosted glass sliding doors, creating a seamless separation between living and sleeping areas and offering the functionality of a true one-bedroom. A gracious entry foyer le

Key facts

• Walk-in closet
• Floating vanity
• $1,223 HOA

Tags

• EMPIRE STATE BUILDING VIEWS
• WALK-IN CLOSET
• FULLY RENOVATED KITCHEN
• CUSTOM GLASS TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• FLOATING VANITY

Property features AI

Finance

• Other: Building contains 326 total units
• HOA & community: Monthly association fee of $1,223; Building allows dogs and cats

Exterior

• Parking: Has garage
• Utilities: Central air conditioning
• Home design: Condo in a high-rise building; Gramercy Park Tower; 20-story building; Entry level 17
• Construction: Elevator-served building
• Exterior features: Private outdoor space under 60 sqft; North-facing exposure; Has a view

Interior

• Bedrooms: Unit located on entry level 17
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Elevator access in the building; Private outdoor space under 60 sqft; North-facing exposure; Has a view
• Laundry & utility: No in-unit laundry; building has no laundry facilities

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $599k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $599k).
• Recommended offer: $545k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: Rents rising fast (+9.2%/yr); 365 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $7,592/mo this rent would consume 59% of the median local household income ($154k/yr) (locally 3480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $60k of equity ($4k loan paydown + $56k appreciation (9.3% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (9.3% appreciation + 8.0% rent growth), your $168k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$96k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($545k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $545,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.54%
• DSCR: 1.20
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.32% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 3.27×
• Total profit: $379,925
• Equity at exit: $510,115

10-year hold

• IRR: 27.3%
• Equity multiple: 8.05×
• Total profit: $1,181,833
• Equity at exit: $1,070,123

Cash invested: $167,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 10003

• Home prices YoY: 3.4%
• Rents YoY: 9.2%
• Active inventory: 365
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $7,592 high
• Mortgage (P&I): −$3,141
• Tax est. 1.5%: −$749 /mo · $8,985/yr
• Insurance: −$250
• HOA: −$1,223
• Vacancy / Maint / Mgmt: −$1,594
• Net cashflow: $635

Break-even live

Break-even rent $6,788

Max offer price $599,000

Occupancy floor 87%

Sensitivity live

Price	-10% $1,049	-5% $842	+0% $635	+5% $428	+10% $221
Rent	-10% $35	-5% $335	+0% $635	+5% $935	+10% $1,235
Rate	-1.0pp $937	-0.5pp $787	base $635	+0.5pp $480	+1.0pp $322

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 E 21st St Unit 8D New York, NY	1.0	1.0	688	$9,525	$13.84	3d	1	0.16mi
290 3rd Ave #279 New York, NY	1.0	1.0	607	$9,740	$16.03	4d	2	0.19mi
346 E 18th St Unit 1254596P New York, NY	2.0	2.0	699	$12,979	$18.57	23d	1	0.24mi
1 Union Sq S #1174 New York, NY	2.0	1.0–2.0	775	$10,120	$13.06	11d	3	0.29mi
209 1st Ave Unit 1370708P New York, NY	1.0	1.0	602	$12,000	$19.93	25d	1	0.39mi
815 Broadway #204 New York, NY	1.0	1.0	522	$8,250	$15.80	8d	1	0.40mi
101 E 10th St #1153 New York, NY	1.0–2.0	1.0–2.0	575	$6,630	$11.53	0d	2	0.40mi
112 E 10th St Unit 1021937P New York, NY	1.0–3.0	1.0–2.5	1296	$5,772	$4.45	4d	2	0.43mi
93 1/2 E 7th St Unit 1054297P New York, NY	2.0	1.0	495	$10,000	$20.20	23d	1	0.62mi
101 W 15th St New York, NY	1.0	1.0	562	$9,550	$16.98	2d	2	0.63mi
20 Waterside Plz #978 New York, NY	1.0	1.0	682	$4,760	$6.98	7d	1	0.63mi
155 E 31st St #2190 New York, NY	1.0–2.0	1.0–1.5	725	$5,610	$7.74	8d	2	0.63mi
30 Waterside Plz New York, NY	2.0	1.0–2.0	743	$5,244	$7.06	0d	35	0.65mi
108 W 15th St #205 New York, NY	1.0–2.0	1.0	697	$6,050	$8.67	4d	2	0.65mi
120 W 21st St New York, NY	2.0	1.0–2.0	676	$7,070	$10.46	5d	14	0.66mi
130 W 15th St #1383 New York, NY	1.0–2.0	1.0–2.0	844	$8,990	$10.65	0d	2	0.68mi
776 6th Ave New York, NY	2.0	1.0–2.0	742	$7,700	$10.37	0d	19	0.68mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	25d	1	0.68mi
141 E 33rd St #1278 New York, NY	2.0	1.0–1.5	683	$6,230	$9.12	8d	3	0.72mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	8d	13	0.74mi
180 W 20th St #1202 New York, NY	2.0	1.0–2.0	791	$9,465	$11.96	0d	3	0.74mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	7d	1	0.76mi
160 W 24th St New York, NY	2.0	1.0–2.0	731	$7,896	$10.79	0d	13	0.79mi
399 E 34th St Unit 1025362P New York, NY	1.0	1.0	570	$9,174	$16.09	23d	1	0.82mi
364 6th Ave Unit 1023432P New York, NY	1.0	1.0	441	$9,135	$20.71	23d	1	0.82mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$5,532	$6.23	0d	50	0.84mi
177 Waverly Pl Unit 1075286P New York, NY	1.0	1.0	452	$10,000	$22.12	25d	1	0.85mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$7,890	$8.31	2d	3	0.87mi
11 E 1st St New York, NY	2.0	1.0–2.0	1060	$8,052	$7.60	0d	1	0.88mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$6,555	$8.04	8d	3	0.90mi
556 3rd Ave Unit 2244 New York, NY	1.0	1.0	500	$5,640	$11.28	0d	1	0.90mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	21d	2	0.90mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	2d	2	0.90mi
229 Chrystie St New York, NY	1.0–2.0	1.0–2.0	810	$6,120	$7.56	5d	3	0.93mi
104 MacDougal St Unit 1056263P New York, NY	2.0	1.0	441	$9,375	$21.26	23d	1	0.95mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$4,510	$6.01	25d	4	0.96mi
244 W 29th St Unit 2149 New York, NY	1.0	1.0	490	$9,720	$19.84	7d	2	0.99mi
171 Suffolk St #1265 New York, NY	1.0–2.0	1.0	650	$6,950	$10.69	8d	2	1.01mi
243 W 28th St #2143 New York, NY	1.0	1.0	580	$8,960	$15.45	19d	1	1.01mi
290 W 12th St #1592 New York, NY	1.0–2.0	1.0–2.0	515	$7,110	$13.81	8d	2	1.01mi

HOA detail condo

• Monthly dues: $1,223 · $14,676/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $599,000 Active 94 DOM
2. 2026-06-18
   days on market $599,000 Active 91 DOM
3. 2026-06-17
   days on market $599,000 Active 90 DOM
4. 2026-06-15
   days on market $599,000 Active 88 DOM
5. 2026-06-13
   days on market $599,000 Active 86 DOM
6. 2026-06-10
   days on market $599,000 Active 82 DOM
7. 2026-06-08
   days on market $599,000 Active 81 DOM
8. 2026-06-08
   days on market $599,000 Active 80 DOM
9. 2026-06-04
   days on market $599,000 Active 77 DOM
10. 2026-06-03
    days on market $599,000 Active 76 DOM
11. 2026-06-01
    days on market $599,000 Active 74 DOM
12. 2026-05-31
    days on market $599,000 Active 73 DOM
13. 2026-03-19
    listed $599,000 Active
14. 2026-01-28
    price $650,000
15. 2017-09-25
    price $590,000
16. 2017-06-23
    price $599,000
17. 2017-04-04
    listed $635,000
18. 2017-04-04
    listed $590,000
19. 2017-04-04
    listed $590,000
20. 2014-10-03
    price $535,000
21. 2014-09-04
    listed $515,000
22. 2014-04-16
    listed $535,000
23. 2014-04-16
    listed $535,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,103
• − Mortgage interest: −$33,553
• − Property taxes: −$8,985
• − Insurance: −$2,995
• − Repairs & maintenance: −$7,288
• − Management: −$7,288
• − HOA: −$14,676
• − Depreciation: −$17,425
• Taxable loss: −$1,108
• Est. tax savings @ 24.0%: +$266
• After-tax cash flow: $7,887/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 53,560
• Household income: $154,262
• Rent vs Own: 62.9% rent · 37.1% own
• Severe rent burden: 3480.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Asian 18% Hispanic / Latino 10% Two or more races 8% Black 4%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Scotch-Irish 5% Romanian 5% Lithuanian 3%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 78% English-only · Spanish 5% Chinese 4% French/Haitian/Cajun 3%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.32%
• Current HPI: 284.9232
• Rent YoY: ▲ 9.24%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+12.0% since first listed

11 events — show timeline

• 2026-03-19 Listed $599,000 RLS at REBNY
• 2026-01-28 Price Changed $650,000 RLS at REBNY
• 2017-09-25 Price Changed $590,000 RLS at REBNY
• 2017-06-23 Price Changed $599,000 RLS at REBNY
• 2017-04-04 Listed $590,000 RLS at REBNY
• 2017-04-04 Listed $590,000 RLS at REBNY
• 2017-04-04 Listed $635,000 RLS at REBNY
• 2014-10-03 Price Changed $535,000 RLS at REBNY
• 2014-09-04 Listed $515,000 RLS at REBNY
• 2014-04-16 Listed $535,000 RLS at REBNY
• 2014-04-16 Listed $535,000 RLS at REBNY