205 3rd Ave Unit 14H · New York, NY 10003

$849,000

1 bd · 1.0 ba · 750 sqft · Condo · 64 Days on market

Fair condition

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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 +9.7/10.0
• ARV discount +7.5/15.0
• Cash flow +6.3/30.0
• Schools +5.0/10.0
• Rent growth +4.8/5.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• DSCR +0.6/10.0

Listing remarks

* Open house by appointment * Welcome to Gramercy Park Towers, a full-service luxury co-op ideally situated in the heart of the historic Gramercy neighborhood. This expansive one-bedroom, one-bath residence, with the potential to be configured as a junior four, is truly a diamond in the rough—an excellent opportunity to renovate and make it your own while adding your personal style and vision. The apartment features a private balcony with captivating city views and offers exceptional potential within a highly desirable building. Residents enjoy an impressive suite of amenities including a modern fitness center, tranquil Zen garden, bike room, 24-hour laundry facilities, and a spectac

Key facts

• Rooftop deck
• Private balcony
• City views

Tags

• PRIVATE BALCONY
• CITY VIEWS
• MODERN FITNESS CENTER
• ZEN GARDEN
• BIKE ROOM
• ROOFTOP DECK

Property features AI

Finance

• Other: Sub-lease permitted
• Financial info: Flip tax of 2%; Financing options include bank mortgage, cash, and exchange considered; Typical down payment requirement around 20%
• HOA & community: Maintenance/commons fee charged; Managed by Halstead Management Company LLC; Pets allowed with restrictions (cats & dogs; breed, number and weight limits apply)

Exterior

• Parking: Garage (wait-list)
• Utilities: Gas available; Heat included (steam/radiator); Water available
• Home design: Residential property; Unit on the 14th floor; Co-op (shares reported)
• Construction: 304-unit building
• Exterior features: Balcony; Manhattan location near E 18th St and E 19th St; Handicap access available

Interior

• Kitchen: Galley kitchen; Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: 1 bedroom on the first floor
• Flooring: Carpeting; Hardwood floors; Tile floors
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Steam/radiator heat; No AC units listed
• Interior features: Elevator; Other built-in features; Bike rooms (building amenity); Card-operated laundry (building amenity)
• Laundry & utility: Card-operated laundry in building

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $849k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $774k (8.8% below list).
• Recommended offer: $774k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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); 361 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 $7,742/mo this rent would consume 60% 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 $85k of equity ($6k loan paydown + $79k 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.
• By year 2, paydown + projected appreciation supports a ~$136k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($798k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 23% 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 $774,218 (8.8% 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 64 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 0.91% ✗
• Cap rate: 4.18%
• Cash-on-cash: -7.56%
• DSCR: 0.66
• GRM: 9.1

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: 19.4%
• Equity multiple: 2.56×
• Total profit: $369,772
• Equity at exit: $723,018

10-year hold

• IRR: 19.5%
• Equity multiple: 6.30×
• Total profit: $1,258,749
• Equity at exit: $1,516,751

Cash invested: $237,720 (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: 361
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $7,742 high
• Mortgage (P&I): −$4,452
• Tax est. 1.5%: −$1,061 /mo · $12,735/yr
• Insurance: −$354
• HOA est. from 1 same-building comp: −$1,747
• Vacancy / Maint / Mgmt: −$1,626
• Net cashflow: $-1,498

Break-even live

Break-even rent $9,638

Max offer price $632,248

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: $212,250
• Closing costs: $25,470
• 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	0.16mi
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	22d	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
101 E 10th St #1153 New York, NY	1.0–2.0	1.0–2.0	575	$6,740	$11.72	2d	2	0.40mi
166 2nd Ave Unit 9KK New York, NY	2.0	1.5	950	$8,100	$8.53	8d	1	0.42mi
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
241 5th Ave Unit 11A New York, NY	2.0	2.0	991	$8,995	$9.08	25d	1	0.58mi
3 E 9th St Unit 1541442P New York, NY	1.0–2.0	1.0	1119	$11,796	$10.54	5d	2	0.59mi
10 E 29th St New York, NY	1.0–3.0	1.0–3.0	1323	$6,283	$4.75	1d	4	0.61mi
540 6th Ave Unit 6A New York, NY	1.0	1.0	793	$8,450	$10.66	8d	1	0.61mi
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	6d	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
121 Madison Ave New York, NY	2.0–4.0	1.0–2.0	1012	$7,295	$7.20	8d	3	0.64mi
30 Waterside Plz New York, NY	2.0	1.0–2.0	743	$5,218	$7.02	2d	33	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
230 E 32nd St New York, NY	2.0	1.0	800	$5,395	$6.74	16d	2	0.65mi
10 5th Ave Unit 1255906P New York, NY	2.0	1.0	990	$12,196	$12.32	5d	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
120 W 23rd St #693 New York, NY	2.0	2.0	900	$10,140	$11.27	21d	1	0.67mi
130 W 15th St #1383 New York, NY	1.0–2.0	1.0–2.0	844	$9,200	$10.90	2d	2	0.68mi
776 6th Ave New York, NY	2.0	1.0–2.0	756	$7,743	$10.24	1d	18	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	$9,505	$12.01	2d	3	0.74mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	6d	1	0.76mi
160 W 24th St New York, NY	2.0	1.0–2.0	731	$7,896	$10.79	1d	12	0.79mi
117 W 28th St #1467 New York, NY	1.0	2.0	1000	$8,760	$8.76	25d	1	0.80mi
399 E 34th St Unit 1025362P New York, NY	1.0	1.0	570	$9,174	$16.09	22d	1	0.82mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$5,532	$6.23	2d	55	0.84mi
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	$8,078	$7.62	1d	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 New York, NY	1.0	1.0	580	$5,240	$9.03	20d	2	0.90mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	2d	2	0.90mi
10 Sheridan Sq #949 New York, NY	2.0	2.0	1000	$12,050	$12.05	21d	1	0.92mi
229 Chrystie St New York, NY	1.0–2.0	1.0–2.0	810	$6,120	$7.56	5d	3	0.93mi

HOA detail condo

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

Listing history 2 events

1. 2026-05-22
   status Pending
2. 2026-03-19
   listed $849,000 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 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: $92,906
• − Mortgage interest: −$47,557
• − Property taxes: −$12,735
• − Insurance: −$4,245
• − Repairs & maintenance: −$7,432
• − Management: −$7,432
• − HOA: −$20,964
• − Depreciation: −$24,698
• Taxable loss: −$32,158
• Est. tax savings @ 24.0%: +$7,718
• After-tax cash flow: $-10,257/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.

Condition & rehab AI · 12 photos

Fair 45/100 Extensive rehab

This property requires extensive renovations to bring it up to modern standards, but the location and amenities make it a great investment opportunity.

Repairs flagged

• Major kitchen appliances — need to replace worn-out appliances
• Major bathroom fixtures — need to replace dated fixtures
• Major flooring — need to replace worn hardwood floors
• Major interior walls/paint — paint peeling, need to repaint

Value-add opportunities

• Resale kitchen appliances — modern appliances enhance appeal
• Resale bathroom fixtures — updated fixtures improve appeal
• Both flooring — new flooring improves both appearance and functionality
• Both interior walls/paint — fresh paint enhances appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · need to replace worn-out appliances	Major	$15,000–50,000
bathroom fixtures · need to replace dated fixtures	Major	$15,000–50,000
flooring · need to replace worn hardwood floors	Major	$15,000–50,000
interior walls/paint · paint peeling, need to repaint	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale kitchen appliances — modern appliances enhance appeal ↑
• Resale bathroom fixtures — updated fixtures improve appeal ↑
• Both flooring — new flooring improves both appearance and functionality ↑
• Both interior walls/paint — fresh paint enhances appearance and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-05-22 Pending — BNYMLS
• 2026-03-19 Listed $849,000 BNYMLS