77 Fulton St Unit 19C · New York, NY 10038

$948,000

2 bd · 1.0 ba · 975 sqft · Condo · 273 Days on market

Built 1968 ↓ 24% 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).

• Cash flow +10.8/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.2/10.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0

Listing remarks

Your Front-Row Seat to the New York Sunrise! Imagine waking up as the sun paints the sky over the East River, casting a golden glow on the iconic arches of the Brooklyn Bridge. This isn't a dream—it's your daily reality in this stunning two-bedroom home at Southbridge Towers. Step out onto your private balcony, the perfect perch for morning coffee or an evening cocktail, and soak in one of the most coveted views in all of Manhattan. The spacious, sun-drenched living room provides a comfortable sanctuary high above the city's hum. But the beauty isn't just in the view. This apartment offers unparalleled value with an incredibly low maintenance fee that includes all utilities and taxes&

Key facts

• Private balcony
• Jogging track
• Laundry center

Tags

• PRIVATE BALCONY
• LAUNDRY CENTER
• PRIVATE COURTYARD
• BASKETBALL COURTS
• JOGGING TRACK
• HISTORIC SOUTH STREET SEAPORT

Property features AI

Finance

• Other: Living area per public records: 975
• HOA & community: Maintenance fee applies

Exterior

• Parking: No carport
• Security: Building security
• Utilities: Con Edison electric; Public sewer; Cable connected; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Stock cooperative; One-level unit; 27-story building
• Construction: Brick construction
• Exterior features: Outdoor space; Bicycle room; Not waterfront

Interior

• Kitchen: Dishwasher
• Bedrooms: 5 rooms total
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall/window AC unit(s)
• Interior features: Elevator; Entrance foyer; Galley-type kitchen; Pets allowed; Common basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $948k.

Deal economics

• At list price, monthly cash flow is $-502 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $875k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $774k (18.3% below list).
• Recommended offer: $774k (18.3% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 113 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $7,742/mo this rent would consume 88% of the median local household income ($105k/yr) (locally 1501% 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 $35k of equity ($7k loan paydown + $28k appreciation (3.0% 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 ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 273 days — a 12% lower offer ($834k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major 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 $774,164 (18.3% 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 273 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — 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. 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: 0.82% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.35×
• Total profit: $92,484
• Equity at exit: $426,262

10-year hold

• IRR: 9.5%
• Equity multiple: 2.47×
• Total profit: $389,781
• Equity at exit: $656,920

Cash invested: $265,440 (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 10038

• Rents YoY: 4.3%
• Active inventory: 113
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $7,742 high
• Mortgage (P&I): −$4,971
• Tax est. 1.5%: −$1,185 /mo · $14,220/yr
• Insurance: −$395
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,626
• Net cashflow: $-502

Break-even live

Break-even rent $8,377

Max offer price $875,363

Occupancy floor —

Sensitivity live

Price	-10% $153	-5% $-174	+0% $-502	+5% $-830	+10% $-1,157
Rent	-10% $-1,114	-5% $-808	+0% $-502	+5% $-196	+10% $110
Rate	-1.0pp $-25	-0.5pp $-261	base $-502	+0.5pp $-748	+1.0pp $-998

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: $237,000
• Closing costs: $28,440
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8 Spruce St Unit 31S New York, NY	3.0	2.0	1100	$8,000	$7.27	9d	1	0.13mi
180 Water St #537 New York, NY	1.0–2.0	1.0–2.0	728	$9,400	$12.91	4d	2	0.14mi
211 Front St Unit 1255364P New York, NY	1.0	1.0	990	$11,206	$11.32	26d	1	0.18mi
140 Broadway Unit 1298277P New York, NY	1.0	1.0	699	$9,406	$13.46	23d	1	0.28mi
63 Wall St #1971 New York, NY	1.0	1.0	489	$5,120	$10.46	1d	2	0.30mi
67 Wall St #13 New York, NY	1.0–2.0	1.0	636	$7,380	$11.59	4d	2	0.30mi
75 Wall St Unit 251 New York, NY	1.0	1.5	653	$6,580	$10.08	26d	1	0.30mi
95 Wall St New York, NY	2.0	1.0–2.0	881	$8,263	$9.37	0d	33	0.32mi
10 Hanover Sq New York, NY	2.0	1.0–2.0	790	$7,713	$9.76	1d	25	0.36mi
3 Hanover Sq New York, NY	3.0	1.0–2.0	600	$6,072	$10.12	26d	5	0.37mi
15 William St New York, NY	1.0–2.0	1.0–2.0	822	$6,550	$7.96	9d	10	0.37mi
105 Duane St #183 New York, NY	2.0	1.0–2.0	821	$11,410	$13.89	1d	3	0.47mi
111 Worth St New York, NY	1.0–2.0	1.0–2.0	747	$8,238	$11.03	9d	7	0.49mi
88 Leonard St New York, NY	1.0	1.0	598	$7,966	$13.32	9d	13	0.55mi
1 West St #546 New York, NY	1.0	1.0	700	$5,770	$8.24	22d	1	0.64mi
30 West St Unit 3004 New York, NY	3.0	2.0	700	$8,000	$11.43	9d	1	0.66mi
389 S End Ave New York, NY	3.0	1.0–2.0	1080	$9,014	$8.34	3d	36	0.66mi
120 Mulberry St Unit 1257050P New York, NY	2.0	1.0	645	$12,372	$19.18	26d	1	0.71mi
252 South St Unit 74B New York, NY	2.0	2.0	1034	$8,995	$8.70	19d	1	0.74mi
400 Chambers St #587 New York, NY	2.0	1.0–1.5	675	$8,810	$13.04	9d	3	0.80mi
107 Columbia Hts #1757 Brooklyn, NY	1.0–2.0	1.0–2.0	708	$8,270	$11.68	1d	2	0.84mi
100 Jay St Unit 6B Brooklyn, NY	1.0	1.0	800	$4,600	$5.75	26d	1	1.06mi
125 Delancey St #1523 New York, NY	1.0–2.0	1.0–2.0	850	$9,670	$11.38	3d	2	1.10mi
180 Broome St #1521 New York, NY	1.0–2.0	1.0–2.0	850	$10,630	$12.51	3d	2	1.13mi
68 Gold St New York, NY	1.0–2.0	1.0	700	$7,050	$10.07	26d	2	1.22mi
229 Chrystie St New York, NY	1.0–2.0	1.0–2.0	810	$10,485	$12.94	6d	3	1.22mi
180 Montague St Brooklyn, NY	3.0	1.0–2.0	901	$6,389	$7.09	1d	12	1.24mi
141 Joralemon St #819 Brooklyn, NY	1.0–3.0	1.0–2.0	750	$6,730	$8.97	1d	3	1.25mi
11 E 1st St New York, NY	2.0	1.0–2.0	1060	$11,225	$10.59	0d	1	1.27mi
200 Montague St #1516 Brooklyn, NY	1.0	1.0	600	$7,500	$12.50	22d	1	1.28mi
171 Suffolk St #1265 New York, NY	1.0–2.0	1.0	650	$8,710	$13.40	9d	2	1.35mi
10 Downing St #131 New York, NY	1.0	1.0	731	$9,050	$12.38	6d	2	1.40mi
111 Lawrence St Brooklyn, NY	3.0	1.0–2.0	950	$5,503	$5.79	0d	22	1.49mi

HOA detail condo

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

Listing history 3 events

1. 2026-05-07
   status Pending
2. 2026-03-04
   price $948,000
3. 2025-08-07
   listed $1,250,000 Active

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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: $92,900
• − Mortgage interest: −$53,103
• − Property taxes: −$14,220
• − Insurance: −$5,538
• − Repairs & maintenance: −$7,432
• − Management: −$7,432
• − Depreciation: −$27,578
• Taxable loss: −$22,403
• Est. tax savings @ 24.0%: +$5,377
• After-tax cash flow: $-647/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): 22,235
• Household income: $105,419
• Rent vs Own: 68.4% rent · 31.6% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Asian 29% Hispanic / Latino 12% Black 10% Two or more races 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 3% Scotch-Irish 2% Italian 2%
• Foreign-born: 27% · China, Canada, South Korea
• Languages at home: 62% English-only · Chinese 18% Spanish 11% Russian/Polish/Slavic 2%

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: —
• Current HPI: —
• Rent YoY: ▲ 4.28%
• 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

-24.2% since first listed

3 events — show timeline

• 2026-05-07 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $948,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-07 Listed $1,250,000 OneKey® MLS as Distributed by MLS Grid