437 W 43rd St #1 · New York, NY 10036

$615,000

2 bd · 1.0 ba · 632 sqft · Condo public records · 723 Days on market

Built 1920 $1467/mo HOA

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Why this score? — see what drove the C 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 +16.6/30.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Schools +5.0/10.0
• Appreciation +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0

Listing remarks

Live in the Heart of Hell’s Kitchen – Renovated 2BR/2BA with Private Terrace A rare opportunity to own a condo in an intimate six-unit building just moments from Broadway theaters, Hudson Yards, and the vibrancy of Times Square. Located at 437 W 43rd Street, Apartment 1 includes a private 240 sq ft terrace, perfect for entertaining or quiet outdoor living—full exclusive use included. This spacious 2-bedroom, 2-bathroom unit is currently under renovation, with approved permits in place and construction has started—saving the next buyer months of delay and uncertainty. Customize the final finishes to your taste and move in sooner. ? No board approval required ? Minimu

Key facts

• Full terrace
• $1,467 HOA
• Built 1920

Tags

• FULL TERRACE
• INTIMATE BOUTIQUE BUILDING

Property features AI

Finance

• HOA & community: Condominium association with monthly fee; Association fee $1,467 monthly; Association covers common area maintenance, trash, and water

Exterior

• Parking: No designated parking
• Utilities: Public sewer; Trash collection (public)
• Home design: Condominium; Living area per public records
• Exterior features: Not waterfront; No additional parcels

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: No cooling; Other heating (see remarks)
• Interior features: Tankless water heater; Pets allowed (dogs OK); Walk-up attic

🏢 Co-op / cooperative unit. The $615,000 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 2-bed/1.0-bath condo listed at $615k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $615k).
• Recommended offer: $541k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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 (+4.3%/yr); 181 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 $8,045/mo this rent would consume 101% of the median local household income ($96k/yr) (locally 3765% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-2.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 723 days — a 12% lower offer ($541k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask is 78244% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $470k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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 $541,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 723 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
11. 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.
12. 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: 1.31% ✓
• Cap rate: 7.01%
• Cash-on-cash: 2.57%
• DSCR: 1.11
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.75×
• Total profit: $-42,386
• Equity at exit: $119,596

10-year hold

• IRR: 3.9%
• Equity multiple: 1.35×
• Total profit: $60,807
• Equity at exit: $102,353

Cash invested: $172,200 (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 10036

• Home prices YoY: -0.8%
• Rents YoY: 4.3%
• Active inventory: 181
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $8,045 high
• Mortgage (P&I): −$3,225
• Tax from tax record: −$1,038 /mo · $12,459/yr
• Insurance: −$256
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,467
• Vacancy / Maint / Mgmt: −$1,689
• Net cashflow: $302

Break-even live

Break-even rent $7,662

Max offer price $615,000

Occupancy floor 91%

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: $153,750
• Closing costs: $18,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
450 W 42nd St #1693 New York, NY	2.0	1.0–2.0	690	$10,010	$14.51	1d	3	0.08mi
520 W 43rd St #742 New York, NY	1.0–2.0	1.0–2.0	769	$7,240	$9.41	7d	2	0.13mi
561 10th Ave #2085 New York, NY	2.0	1.0–2.0	795	$7,740	$9.74	7d	2	0.13mi
555 10th Ave Unit 1018807P New York, NY	1.0	1.0	688	$9,726	$14.14	22d	1	0.16mi
560 W 43rd St New York, NY	3.0	1.0–2.0	769	$6,743	$8.76	7d	5	0.21mi
622 11th Ave Unit 1402 New York, NY	2.0	1.0	715	$7,600	$10.63	7d	1	0.25mi
605 W 42nd St Unit 1016142P New York, NY	2.0	1.0–2.0	720	$19,980	$27.73	10d	2	0.27mi
635 W 42nd St #1990 New York, NY	1.0–2.0	1.0–2.0	750	$8,900	$11.87	7d	2	0.32mi
754 9th Ave Unit 1017471P New York, NY	1.0	1.0	538	$7,284	$13.54	7d	1	0.40mi
311 W 50th St #228 New York, NY	2.0	1.0–2.0	669	$7,510	$11.23	7d	3	0.42mi
235 W 48th St #1400 New York, NY	2.0	1.0–2.0	687	$8,160	$11.87	7d	3	0.42mi
250 W 50th St New York, NY	2.0	1.0–2.0	784	$7,928	$10.11	7d	1	0.45mi
360 W 34th St New York, NY	2.0	1.0–1.5	632	$7,260	$11.49	7d	3	0.49mi
550 W 54th St Unit 1243 New York, NY	1.0–3.0	1.0–2.0	913	$7,220	$7.90	7d	3	0.55mi
435 W 31st St New York, NY	1.0	1.0	633	$13,963	$22.04	6d	27	0.60mi
254 W 54th St Unit 1026635P New York, NY	1.0–2.0	1.0–2.0	860	$14,490	$16.84	7d	2	0.61mi
500 W 56th St #116 New York, NY	2.0	1.0–2.0	680	$7,480	$10.99	7d	3	0.62mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$8,370	$9.27	7d	2	0.67mi
525 W 28th St New York, NY	2.0	1.0–2.0	1116	$8,705	$7.80	7d	1	0.76mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	7d	1	0.79mi
243 W 28th St #2143 New York, NY	1.0	1.0	580	$8,960	$15.45	18d	1	0.80mi
244 W 29th St Unit 2149 New York, NY	1.0	1.0	490	$9,720	$19.84	6d	2	0.82mi
77 W 55th St Unit 15H New York, NY	1.0	1.0	750	$4,900	$6.53	22d	1	0.88mi
21 W End Ave New York, NY	2.0–3.0	2.0	750	$8,995	$11.99	24d	2	0.91mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$29,625	$19.11	7d	9	0.93mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$28,750	$18.55	7d	10	0.93mi
400 W 61st St New York, NY	4.0	1.0–4.0	1567	$24,510	$15.64	1d	48	0.94mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,550	$6.84	1d	2	0.97mi
535 W 23rd St #1584 New York, NY	2.0	1.0–2.0	625	$10,420	$16.67	3d	3	0.99mi
400 W 63rd St New York, NY	2.0	1.0–2.0	874	$10,157	$11.62	1d	11	1.01mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	7d	13	1.02mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	24d	1	1.05mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$9,570	$10.07	1d	3	1.06mi
160 W 24th St New York, NY	2.0	1.0–2.0	731	$10,290	$14.07	1d	12	1.07mi
776 6th Ave New York, NY	2.0	1.0–2.0	756	$10,644	$14.07	1d	18	1.07mi
101 W End Ave #950 New York, NY	1.0–2.0	1.0–2.0	814	$12,460	$15.31	1d	2	1.08mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$8,170	$10.02	7d	3	1.08mi
135 E 47th St New York, NY	1.0	1.0	572	$6,600	$11.53	6d	1	1.15mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$6,420	$8.56	24d	4	1.16mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	22d	1	1.17mi

HOA detail condo

• Monthly dues: $1,467 · $17,604/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-10
   days on market $615,000 Active 723 DOM
2. 2026-06-08
   days on market $615,000 Active 722 DOM
3. 2026-06-03
   days on market $615,000 Active 717 DOM
4. 2026-06-01
   days on market $615,000 Active 715 DOM
5. 2026-05-31
   days on market $615,000 Active 714 DOM
6. 2025-06-13
   status Active
7. 2025-06-01
   historical
8. 2025-02-26
   price $615,000
9. 2024-09-24
   price $765,000
10. 2024-06-04
    price $785,000
11. 2024-06-04
    listed $785 Active
12. 2013-01-02
    soldstatus $470,000
13. 1986-01-21
    soldstatus $230,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $12,459 · $1,038/mo
• Projected year-2 tax: $12,459 · $1,038/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $96,535
• − Mortgage interest: −$34,450
• − Property taxes: −$12,459
• − Insurance: −$3,872
• − Repairs & maintenance: −$7,723
• − Management: −$7,723
• − HOA: −$17,604
• − Depreciation: −$17,891
• Taxable loss: −$5,187
• Est. tax savings @ 24.0%: +$1,245
• After-tax cash flow: $4,870/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): 31,036
• Household income: $95,638
• Rent vs Own: 89.5% rent · 10.5% own
• Severe rent burden: 3765.0

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 0.68)
• Race & ethnicity: White 51% Hispanic / Latino 19% Asian 15% Two or more races 15% Black 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 5% Scotch-Irish 4% Lithuanian 2%
• Foreign-born: 31% · Canada, China, South Korea
• Languages at home: 63% English-only · Spanish 15% Other Indo-European 6% Chinese 6%

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: ▼ -2.00%
• Current HPI: 250.4308
• Rent YoY: ▲ 4.29%
• 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

+167.4% since first listed

8 events — show timeline

• 2025-06-13 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-06-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-02-26 Price Changed $615,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-24 Price Changed $765,000 OneKey® MLS as Distributed by MLS Grid
• 2024-06-04 Price Changed $785,000 OneKey® MLS as Distributed by MLS Grid
• 2024-06-04 Listed $785 OneKey® MLS as Distributed by MLS Grid
• 2013-01-02 Sold (Public Records) $470,000 Public Records
• 1986-01-21 Sold (Public Records) $230,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $12,459 · -21.4% YoY. Source: county tax records.