111 E 56th St #409 · New York, NY 10022

$300,000

1 bd · 1.0 ba · 600 sqft · Condo · 150 Days on market

Built 1927 $2607/mo HOA · 48% of rent ↓ 45% since listing

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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).

• 1% rule +10.0/10.0
• Cash flow +7.7/30.0
• 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
• DSCR +1.8/10.0

Listing remarks

We are pleased to represent a lovely, oversized Junior One Bedroom apartments at The Lombardy Hotel. This hotel apartment has a gracious living area and potentially a large separate sleeping area. This is an investment opportunity with low monthly fees. Live the life of luxury when you’re in town and earn premium rental income while you’re away. We are the on-site broker at the Lombardy Hotel, one of New York City’s most exclusive addresses. Built in 1926 by William Randolph Hearst, The Lombardy Hotel has been home to legends such as Elizabeth Taylor & Richard Burton, Richard Rodgers & Dorothy Belle Feiner. It offers an unparalleled pre-war elegance and boutiqu

Key facts

• Pre-war elegance
• Fitness center
• Junior one bedroom

Tags

• JUNIOR ONE BEDROOM
• INVESTMENT OPPORTUNITY
• LOW MONTHLY FEES
• PRE-WAR ELEGANCE
• FULL HOTEL SERVICES
• FITNESS CENTER

Property features AI

Finance

• Other: Pets allowed in building
• HOA & community: Monthly association fee of $2,607.39

Exterior

• Home design: Entry on 4th level
• Construction: 21-story building; Elevator in building
• Exterior features: North exposure

Interior

• Bedrooms: Bedroom(s) included (room level not specified)
• Bathrooms: 1 full bathroom
• Interior features: Total of 2 rooms
• Laundry & utility: Building allows washer/dryer installation

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-345 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (16.7% below list).
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $250k (16.7% below list) — sets the bar for cash-flow.
• Cap rate 4.9% 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 (+8.7%/yr); 715 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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).
• This rent runs 38% of the median local income ($172k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $17k of equity ($2k loan paydown + $15k 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 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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: HOA is 48% of rent; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• 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 $250,046 (16.7% 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 150 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — 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. 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: 1.83% ✓
• Cap rate: 4.91%
• Cash-on-cash: -4.93%
• DSCR: 0.78
• GRM: 4.6

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: 13.7%
• Equity multiple: 1.92×
• Total profit: $77,280
• Equity at exit: $169,407

10-year hold

• IRR: 18.8%
• Equity multiple: 4.88×
• Total profit: $325,747
• Equity at exit: $291,879

Cash invested: $84,000 (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: 4.6×

Monthly cashflow live

• Estimated rent: $5,487 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• HOA: −$2,607
• Vacancy / Maint / Mgmt: −$1,152
• Net cashflow: $-345

Break-even live

Break-even rent $5,924

Max offer price $250,046

Occupancy floor —

Sensitivity live

Price	-10% $-138	-5% $-242	+0% $-345	+5% $-449	+10% $-553
Rent	-10% $-779	-5% $-562	+0% $-345	+5% $-128	+10% $88
Rate	-1.0pp $-194	-0.5pp $-269	base $-345	+0.5pp $-423	+1.0pp $-502

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 E 57th St New York, NY	1.0	1.0	732	$5,975	$8.16	6d	2	0.04mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$10,504	$3.82	3d	5	0.08mi
123 E 54th St #1251 New York, NY	1.0–2.0	1.0	600	$5,220	$8.70	0d	2	0.12mi
235 E 55th St Unit 36B New York, NY	1.0	1.0	650	$4,800	$7.38	26d	1	0.23mi
227 E 59th St #635 New York, NY	2.0	1.0	500	$6,240	$12.48	18d	2	0.25mi
151 E 62nd St Unit 1021834P New York, NY	1.0	1.0	398	$6,812	$17.12	9d	1	0.29mi
149 E 62nd St Unit 1021871P New York, NY	—	1.0	398	$5,344	$13.43	9d	1	0.29mi
149 E 62nd St Unit 1021838P New York, NY	—	1.0	398	$4,518	$11.35	4d	1	0.29mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,210	$6.57	0d	2	0.31mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	3d	2	0.33mi
329 E 58th St #807 New York, NY	2.0	1.0	650	$5,860	$9.02	9d	1	0.35mi
225 E 63rd St #1675 New York, NY	1.0	1.0	627	$5,230	$8.34	26d	2	0.39mi
300 E 51st St New York, NY	2.0	1.0–2.0	875	$6,365	$7.27	4d	3	0.41mi
333 E 52nd St Unit 2177 New York, NY	2.0	1.0	600	$4,900	$8.17	23d	1	0.42mi
77 W 55th St Unit 15H New York, NY	1.0	1.0	750	$4,900	$6.53	23d	1	0.43mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$6,610	$7.32	5d	3	0.43mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	16d	1	0.44mi
340 E 52nd St #1527 New York, NY	1.0	1.0	575	$7,890	$13.72	0d	2	0.45mi
220 E 65th St New York, NY	1.0	1.0	700	$5,950	$8.50	3d	1	0.45mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	26d	1	0.45mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$6,993	$7.96	5d	9	0.45mi
340 E 51st St New York, NY	2.0	1.0–2.0	791	$6,250	$7.90	5d	3	0.46mi
135 E 47th St New York, NY	1.0	1.0	580	$6,350	$10.94	0d	1	0.47mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	23d	1	0.48mi
940 1st Ave Unit 2040 New York, NY	2.0	1.5	600	$6,810	$11.35	0d	1	0.50mi
420 E 54th St New York, NY	3.0	1.0–2.5	1018	$7,261	$7.13	0d	12	0.50mi
403 E 62nd St Unit 14C New York, NY	1.0	1.0	650	$4,900	$7.54	23d	1	0.53mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	9d	1	0.54mi
301 E 47th St #1737 New York, NY	2.0	1.0	600	$5,380	$8.97	22d	1	0.55mi
599 E 56th St Unit 1817 New York, NY	1.0	1.0	625	$4,850	$7.76	26d	1	0.57mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$7,500	$4.84	9d	10	0.57mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$9,250	$5.97	9d	9	0.57mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	26d	2	0.61mi
400 E 66th St Unit 1016404P New York, NY	1.0–2.0	1.0–2.0	791	$10,597	$13.40	5d	2	0.62mi
330 E 46th St #1794 New York, NY	1.0	1.0	489	$4,990	$10.19	26d	2	0.65mi
1310 2nd Ave Unit 1224958P New York, NY	1.0–2.0	1.0	699	$5,450	$7.80	3d	2	0.67mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$3,150	$5.54	26d	2	0.68mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$5,990	$6.64	9d	2	0.72mi
254 W 54th St Unit 1026635P New York, NY	1.0–2.0	1.0–2.0	860	$8,040	$9.34	9d	2	0.76mi
1290 1st Ave #1499 New York, NY	2.0	1.0	671	$6,100	$9.09	4d	2	0.76mi

HOA detail condo

• Monthly dues: $2,607 · $31,284/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   days on market $300,000 Active 150 DOM
2. 2026-06-18
   days on market $300,000 Active 147 DOM
3. 2026-06-17
   days on market $300,000 Active 146 DOM
4. 2026-06-15
   days on market $300,000 Active 144 DOM
5. 2026-06-13
   days on market $300,000 Active 142 DOM
6. 2026-06-10
   days on market $300,000 Active 138 DOM
7. 2026-06-08
   days on market $300,000 Active 137 DOM
8. 2026-06-04
   days on market $300,000 Active 133 DOM
9. 2026-06-03
   days on market $300,000 Active 132 DOM
10. 2026-06-01
    days on market $300,000 Active 130 DOM
11. 2026-05-31
    days on market $300,000 Active 129 DOM
12. 2026-01-22
    listed $300,000 Active
13. 2018-01-02
    listed $550,000 Active
14. 2018-01-02
    listed $550,000

ⓘ 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: $65,848
• − Mortgage interest: −$16,805
• − Property taxes: −$4,500
• − Insurance: −$1,500
• − Repairs & maintenance: −$5,268
• − Management: −$5,268
• − HOA: −$31,284
• − Depreciation: −$8,727
• Taxable loss: −$7,503
• Est. tax savings @ 24.0%: +$1,801
• After-tax cash flow: $-2,342/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

-45.5% since first listed

3 events — show timeline

• 2026-01-22 Listed $300,000 RLS at REBNY
• 2018-01-02 Listed $550,000 RLS at REBNY
• 2018-01-02 Listed $550,000 RLS at REBNY