420 E 51st St Unit 8DE · New York, NY 10022

$599,900

4 bd · 3.0 ba · 1,600 sqft · Condo · 147 Days on market

Built 1962

---

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).

• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks

Grand Scale Living on a Quiet Cul-de-Sac: 420 East 51st Street, Apartment 8DE * * Welcome to your sprawling new residence in the heart of prestigious Beekman Place. * * Apartment 8DE at the full-service Morad Beekman offers a rare and exceptional opportunity to own a massive, combined co-op unit, providing the space and privacy of a house with the convenience of a Manhattan full-service building. Residence Highlights: * Extraordinary Scale: This impressive combination apartment offers a flexible and expansive layout, perfect for large families or those who simply desire generous living space. * 4 Bedrooms, 3 Full Bathrooms: Enjoy maximum privacy with separated sleeping quarters, in

Key facts

• Ample closet space
• Natural light
• Crown moldings

Tags

• MASSIVE COMBINED CO-OP UNIT
• FLEXIBLE EXPANSIVE LAYOUT
• NATURAL LIGHT
• HARDWOOD FLOORS
• CROWN MOLDINGS
• AMPLE CLOSET SPACE

🏢 Co-op / cooperative unit. The $599,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $600k.

Deal economics

• At list price, monthly cash flow is $-3k ($-38k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate -0.1% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+8.7%/yr); 715 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 $7,892/mo this rent would consume 55% of the median local household income ($172k/yr) (locally 2256% 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 $34k of equity ($4k loan paydown + $30k appreciation (5.0% 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 ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 14y ago; this cycle's ask has dropped $76k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 67% of rent.
• 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 $527,912 (12.0% 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 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.32% ✓
• Cap rate: -0.09%
• Cash-on-cash: -22.79%
• DSCR: -0.01
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.97% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-20,967
• Equity at exit: $338,757

10-year hold

• IRR: 6.1%
• Equity multiple: 2.31×
• Total profit: $219,421
• Equity at exit: $583,660

Cash invested: $167,972 (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 10022

• Home prices YoY: 2.4%
• Rents YoY: 8.7%
• Active inventory: 715
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $7,892 medium
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $8,998/yr
• Insurance: −$250
• HOA est. from 1 same-building comp: −$5,279
• Vacancy / Maint / Mgmt: −$1,657
• Net cashflow: $-3,190

Break-even live

Break-even rent $11,930

Max offer price $138,286

Occupancy floor —

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 E 51st St Unit 1024750P New York, NY	2.0–4.0	2.0–3.5	2093	$34,650	$16.56	7d	2	0.14mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$13,336	$12.07	1d	14	0.14mi
400 E 54th St Unit 409 New York, NY	4.0	2.0	1130	$9,695	$8.58	21d	1	0.15mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$10,150	$11.55	3d	9	0.38mi
207 E 57th St Unit 16A New York, NY	3.0	3.0	1551	$13,750	$8.87	24d	1	0.44mi
401 E 60th St Unit 37B New York, NY	3.0	3.0	1560	$10,000	$6.41	11d	1	0.48mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$26,206	$9.53	1d	5	0.48mi
303 Park Ave #2811 New York, NY	3.0	2.5	1908	$37,000	$19.39	24d	1	0.49mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$9,350	$8.50	2d	20	0.66mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$9,350	$8.50	6d	19	0.66mi
222 E 39th St New York, NY	4.0	1.0–2.0	1100	$9,350	$8.50	10d	19	0.66mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$9,350	$8.50	20d	19	0.66mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$9,350	$8.50	24d	18	0.66mi
360 E 65th St #1283 New York, NY	1.0–3.0	1.0–2.0	1059	$8,790	$8.30	3d	3	0.71mi
475 48th Ave Long Island City, NY	3.0	1.0–3.0	1293	$8,971	$6.94	1d	1	0.75mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$8,330	$11.11	24d	4	0.76mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,630	$6.90	1d	2	0.80mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$9,147	$10.31	1d	55	0.82mi
200 E 69th St New York, NY	2.0–3.0	2.5–3.5	1958	$20,000	$10.21	2d	2	0.94mi
220 E 30th St Unit 2 New York, NY	3.0	2.5	2200	$11,995	$5.45	24d	1	1.08mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$50,000	$32.26	7d	9	1.10mi
160 Central Park S New York, NY	1.0–3.0	1.5–3.5	1578	$50,000	$31.68	1d	9	1.10mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$50,000	$32.26	7d	10	1.10mi
490 2nd Ave Unit 10A New York, NY	4.0	2.0	1400	$10,900	$7.79	24d	1	1.17mi
50 E 72nd St Unit 10B New York, NY	3.0	3.0	1645	$17,500	$10.64	18d	1	1.18mi
50 E 72nd St New York, NY	2.0–3.0	3.0	1647	$17,500	$10.62	7d	2	1.18mi
121 Madison Ave New York, NY	2.0–4.0	1.0–2.0	1012	$9,825	$9.70	7d	3	1.19mi
460 2nd Ave Unit 3A New York, NY	4.0	2.0	1300	$11,685	$8.99	21d	1	1.20mi
1435 2nd Ave Unit 1021957P New York, NY	3.0	2.0	1194	$7,740	$6.48	12d	1	1.22mi
10 E 29th St New York, NY	1.0–3.0	1.0–3.0	1323	$16,736	$12.65	1d	4	1.28mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-03-17
   status Pending
2. 2026-03-17
   status Active
3. 2026-03-13
   status Pending
4. 2026-03-12
   status Active
5. 2026-03-10
   historical
6. 2026-01-09
   price $599,900
7. 2025-12-05
   price $629,900
8. 2025-10-15
   listed $676,000 Active
9. 2022-11-19
   price $73,500
10. 2022-02-16
    historical
11. 2021-12-11
    price $1,050,000
12. 2021-12-07
    price $1,050,000
13. 2021-10-21
    price $949,000
14. 2021-10-21
    price $949,000
15. 2021-07-16
    price $899,000
16. 2021-07-15
    price $899,000
17. 2021-06-05
    price $950,000
18. 2021-06-04
    price $950,000
19. 2021-05-11
    price $999,000
20. 2021-04-21
    price $1,095,000
21. 2021-04-12
    listed $999,000 Active
22. 2021-04-12
    listed $999,000 Active
23. 2018-04-18
    historical Expired listing
24. 2018-04-09
    price $1,295,000
25. 2018-01-26
    status Active
26. 2018-01-25
    historical Permanently Off Market
27. 2017-11-15
    status Active
28. 2017-10-26
    historical Permanently Off Market
29. 2017-08-25
    price $1,195,000
30. 2017-06-27
    price $1,295,000
31. 2017-06-27
    status Active
32. 2017-04-12
    listed $1,495,000
33. 2017-04-12
    listed $1,195,000
34. 2015-07-13
    price $1,399,000
35. 2015-02-17
    listed $1,295,000
36. 2012-11-08
    listed $1,395,000
37. 1997-11-28
    price $1,549,000
38. 1997-11-28
    price $1,395,000

ⓘ 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,704
• − Mortgage interest: −$33,604
• − Property taxes: −$8,998
• − Insurance: −$3,000
• − Repairs & maintenance: −$7,576
• − Management: −$7,576
• − HOA: −$63,348
• − Depreciation: −$17,452
• Taxable loss: −$46,850
• Est. tax savings @ 24.0%: +$11,244
• After-tax cash flow: $-27,037/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): 34,049
• Household income: $172,026
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2256.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 12% Hispanic / Latino 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 5% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 24% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 6% Other Indo-European 6% Chinese 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: ▲ 4.97%
• Current HPI: 215.7225
• Rent YoY: ▲ 8.69%
• 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

-61.3% since first listed

38 events — show timeline

• 2026-03-17 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-17 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-13 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $599,900 OneKey® MLS as Distributed by MLS Grid
• 2025-12-05 Price Changed $629,900 OneKey® MLS as Distributed by MLS Grid
• 2025-10-15 Listed $676,000 OneKey® MLS as Distributed by MLS Grid
• 2022-11-19 Price Changed $73,500 RLS at REBNY
• 2022-02-16 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-12-11 Price Changed $1,050,000 OneKey® MLS as Distributed by MLS Grid
• 2021-12-07 Price Changed $1,050,000 RLS at REBNY
• 2021-10-21 Price Changed $949,000 RLS at REBNY
• 2021-10-21 Price Changed $949,000 OneKey® MLS as Distributed by MLS Grid
• 2021-07-16 Price Changed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2021-07-15 Price Changed $899,000 RLS at REBNY
• 2021-06-05 Price Changed $950,000 OneKey® MLS as Distributed by MLS Grid
• 2021-06-04 Price Changed $950,000 RLS at REBNY
• 2021-05-11 Price Changed $999,000 RLS at REBNY
• 2021-04-21 Price Changed $1,095,000 RLS at REBNY
• 2021-04-12 Listed $999,000 RLS at REBNY
• 2021-04-12 Listed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2018-04-18 Delisted — RLS at REBNY
• 2018-04-09 Price Changed $1,295,000 RLS at REBNY
• 2018-01-26 Relisted — RLS at REBNY
• 2018-01-25 Delisted — RLS at REBNY
• 2017-11-15 Relisted — RLS at REBNY
• 2017-10-26 Delisted — RLS at REBNY
• 2017-08-25 Price Changed $1,195,000 RLS at REBNY
• 2017-06-27 Price Changed $1,295,000 RLS at REBNY
• 2017-06-27 Relisted — RLS at REBNY
• 2017-04-12 Listed $1,195,000 RLS at REBNY
• 2017-04-12 Listed $1,495,000 RLS at REBNY
• 2015-07-13 Price Changed $1,399,000 RLS at REBNY
• 2015-02-17 Listed $1,295,000 RLS at REBNY
• 2012-11-08 Listed $1,395,000 RLS at REBNY
• 1997-11-28 Price Changed $1,395,000 RLS at REBNY
• 1997-11-28 Price Changed $1,549,000 RLS at REBNY