235 E 22nd St Unit 1EF · New York, NY 10010

$630,000

2 bd · 1.5 ba · 800 sqft · Condo · 43 Days on market

Built 1931 $2014/mo HOA · 33% of rent ↓ 17% since listing

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Why this score? — see what drove the D- 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).

• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Cash flow +4.9/30.0
• 1% rule +4.7/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Prime Gramercy Maisonette Cooperative Bring your architect to this one-of -a-kind Gramercy Park maisonette, located on the first floor of the beautiful full-service Gramercy House. Currently configured as a medical office, this wonderful space gives you the perfect blank canvas to create your own residential apartment on a beautiful tree lined block. Unit 1EF has a garden view private entrance, and is in excellent condition, with fully upgraded electric and plumbing, split air conditioning units and a security system. The apartment has exceptional natural light with both southern and western exposures, plus the low maintenance of $1724 that includes electricity, heat and hot water. 60% financing is allowed. Enjoy the buildings benefits of the well manicured roof deck, private outdoor garden and the updated oversized laundry facilities in the building. Easily accessible to all public transportation, citibike and all neighborhood necessities are in close proximity. Contact BHS listing agent for a private viewing.

Key facts

• Updated electric
• Private entrance
• Updated plumbing

Tags

• PRIVATE ENTRANCE
• UPDATED ELECTRIC
• UPDATED PLUMBING
• EXCEPTIONAL NATURAL LIGHT
• SERENE ROOF DECK

Property features AI

Finance

• Other: Multi-unit building with 339 total units
• HOA & community: Monthly association fee of $2,014; Building allows pets (building rules apply)

Exterior

• Home design: Condo in a 17-story building; Building name: GRAMERCY HOUSE; Zoning: R8A
• Construction: Building includes elevator(s); Storage available; Bike storage
• Exterior features: Building courtyard; Building roof deck; Private outdoor space (under 60 sqft)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Total of 3 rooms; Basement: Other; South exposures; Has view; Entry level is 1
• Laundry & utility: Building laundry facilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $630k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $401k (36.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $614k (2.5% below list).
• Recommended offer: $401k (36.4% below list) — sets the bar for cash-flow.
• Cap rate 3.4% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+5.1%/yr); 232 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 $6,141/mo this rent would consume 51% of the median local household income ($145k/yr) (locally 2470% 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 $40k of equity ($4k loan paydown + $36k appreciation (5.7% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($611k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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

• Watch-outs: flood insurance adds $66/mo; HOA is 33% of rent; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $400,908 (36.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.97% ✗
• Cap rate: 3.40%
• Cash-on-cash: -10.32%
• DSCR: 0.54
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.7% appreciation · 5.08% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.48×
• Total profit: $84,385
• Equity at exit: $384,167

10-year hold

• IRR: 10.0%
• Equity multiple: 3.05×
• Total profit: $362,052
• Equity at exit: $686,642

Cash invested: $176,400 (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 10010

• Home prices YoY: 2.0%
• Rents YoY: 5.1%
• Active inventory: 232
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $6,141 medium
• Mortgage (P&I): −$3,304
• Tax est. 1.5%: −$788 /mo · $9,450/yr
• Insurance: −$262
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$2,014
• Vacancy / Maint / Mgmt: −$1,290
• Net cashflow: $-1,583

Break-even live

Break-even rent $8,145

Max offer price $400,908

Occupancy floor —

Sensitivity live

Price	-10% $-1,148	-5% $-1,366	+0% $-1,583	+5% $-1,801	+10% $-2,019
Rent	-10% $-2,068	-5% $-1,826	+0% $-1,583	+5% $-1,341	+10% $-1,098
Rate	-1.0pp $-1,266	-0.5pp $-1,423	base $-1,583	+0.5pp $-1,746	+1.0pp $-1,913

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: $157,500
• Closing costs: $18,900
• 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	2d	1	0.03mi
290 3rd Ave #279 New York, NY	1.0	1.0	607	$9,740	$16.03	4d	2	0.14mi
346 E 18th St Unit 1254596P New York, NY	2.0	2.0	699	$12,979	$18.57	22d	1	0.22mi
209 1st Ave Unit 1370708P New York, NY	1.0	1.0	602	$12,000	$19.93	25d	1	0.45mi
1 Union Sq S #1174 New York, NY	2.0	1.0–2.0	775	$13,210	$17.05	11d	3	0.47mi
20 Waterside Plz #978 New York, NY	1.0	1.0	682	$4,760	$6.98	7d	1	0.47mi
30 Waterside Plz New York, NY	2.0	1.0–2.0	743	$6,778	$9.12	0d	36	0.48mi
230 E 32nd St New York, NY	2.0	1.0	800	$5,395	$6.74	16d	2	0.51mi
155 E 31st St #2190 New York, NY	1.0–2.0	1.0–1.5	725	$8,070	$11.13	8d	2	0.52mi
166 2nd Ave Unit 9KK New York, NY	2.0	1.5	950	$8,100	$8.53	8d	1	0.54mi
101 E 10th St #1153 New York, NY	1.0–2.0	1.0–2.0	575	$14,900	$25.91	0d	2	0.55mi
241 5th Ave Unit 11A New York, NY	2.0	2.0	991	$8,995	$9.08	25d	1	0.57mi
112 E 10th St Unit 1021937P New York, NY	1.0–3.0	1.0–2.5	1296	$13,688	$10.56	4d	2	0.57mi
10 E 29th St New York, NY	1.0–3.0	1.0–3.0	1323	$11,510	$8.70	0d	4	0.58mi
121 Madison Ave New York, NY	2.0–4.0	1.0–2.0	1012	$7,295	$7.20	8d	3	0.58mi
141 E 33rd St #1278 New York, NY	2.0	1.0–1.5	683	$7,210	$10.56	8d	3	0.61mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	7d	1	0.62mi
399 E 34th St Unit 1025362P New York, NY	1.0	1.0	570	$9,174	$16.09	22d	1	0.66mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$7,340	$8.27	0d	52	0.67mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	8d	13	0.69mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	25d	1	0.70mi
776 6th Ave New York, NY	2.0	1.0–2.0	742	$10,644	$14.34	0d	20	0.72mi
120 W 23rd St #693 New York, NY	2.0	2.0	900	$10,140	$11.27	21d	1	0.74mi
120 W 21st St New York, NY	2.0	1.0–2.0	676	$9,036	$13.37	5d	14	0.76mi
3 E 9th St Unit 1541442P New York, NY	1.0–2.0	1.0	1119	$15,690	$14.02	6d	2	0.76mi
540 6th Ave Unit 6A New York, NY	1.0	1.0	793	$8,450	$10.66	8d	1	0.76mi
101 W 15th St New York, NY	1.0	1.0	562	$9,550	$16.98	2d	2	0.77mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	20d	2	0.78mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	2d	2	0.78mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$9,570	$10.07	2d	3	0.78mi
108 W 15th St #205 New York, NY	1.0–2.0	1.0	697	$10,040	$14.39	4d	2	0.79mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$8,170	$10.02	8d	3	0.80mi
130 W 15th St #1383 New York, NY	1.0–2.0	1.0–2.0	844	$13,770	$16.32	0d	2	0.82mi
117 W 28th St #1467 New York, NY	1.0	2.0	1000	$8,760	$8.76	25d	1	0.82mi
10 5th Ave Unit 1255906P New York, NY	2.0	1.0	990	$18,150	$18.33	6d	2	0.83mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$6,420	$8.56	25d	4	0.84mi
180 W 20th St #1202 New York, NY	2.0	1.0–2.0	791	$13,700	$17.31	0d	3	0.85mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,783	$6.17	21d	19	0.85mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,850	$6.23	7d	19	0.85mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,133	$5.58	3d	20	0.85mi

HOA detail condo

• Monthly dues: $2,014 · $24,168/yr
• Likely covers: waterelectricsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $630,000 Active 43 DOM
2. 2026-06-17
   days on market $630,000 Active 42 DOM
3. 2026-06-16
   days on market $630,000 Active 41 DOM
4. 2026-06-15
   days on market $630,000 Active 40 DOM
5. 2026-06-13
   days on market $630,000 Active 38 DOM
6. 2026-06-10
   days on market $630,000 Active 34 DOM
7. 2026-06-08
   days on market $630,000 Active 33 DOM
8. 2026-06-08
   days on market $630,000 Active 32 DOM
9. 2026-06-04
   days on market $630,000 Active 29 DOM
10. 2026-06-03
    days on market $630,000 Active 28 DOM
11. 2026-06-01
    days on market $630,000 Active 26 DOM
12. 2026-05-31
    days on market $630,000 Active 25 DOM
13. 2026-05-06
    listed $630,000 Active
14. 2023-10-11
    listed $760,000 Active 1034-char remark

    Show marketing remark (1034 chars)

    Prime Gramercy Maisonette Cooperative Bring your architect to this one-of -a-kind Gramercy Park maisonette, located on the first floor of the beautiful full-service Gramercy House. Currently configured as a medical office, this wonderful space gives you the perfect blank canvas to create your own residential apartment on a beautiful tree lined block. Unit 1EF has a garden view private entrance, and is in excellent condition, with fully upgraded electric and plumbing, split air conditioning units and a security system. The apartment has exceptional natural light with both southern and western exposures, plus the low maintenance of $1724 that includes electricity, heat and hot water. 60% financing is allowed. Enjoy the buildings benefits of the well manicured roof deck, private outdoor garden and the updated oversized laundry facilities in the building. Easily accessible to all public transportation, citibike and all neighborhood necessities are in close proximity. Contact BHS listing agent for a private viewing.

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 79% 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: $73,687
• − Mortgage interest: −$35,290
• − Property taxes: −$9,450
• − Insurance: −$3,948
• − Repairs & maintenance: −$5,895
• − Management: −$5,895
• − HOA: −$24,168
• − Depreciation: −$18,327
• Taxable loss: −$29,286
• Est. tax savings @ 24.0%: +$7,029
• After-tax cash flow: $-11,970/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): 30,702
• Household income: $144,969
• Rent vs Own: 72.1% rent · 27.9% own
• Severe rent burden: 2470.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 63% Asian 14% Black 9% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 2%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 4% Chinese 4% Other Indo-European 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: ▲ 5.70%
• Current HPI: 293.8611
• Rent YoY: ▲ 5.08%
• 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

-17.1% since first listed

2 events — show timeline

• 2026-05-06 Listed $630,000 RLS at REBNY
• 2023-10-11 Listed $760,000 RLS at REBNY