417 E 60th St, New York, NY 10022

Studio-- baths11,000 sqft

For Sale
Price cut: -$4,000,000 (1/29)
Zestimate®: $10,057,423
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My Notes

This offering is a multi-family, 25 unit, 6 story, walk-up apartment building located in Midtown East. 417 East 60th Street is a solely owned cooperative functioning as a free-market rental building, but each of the cooperative units in the building can be sold separately. All leases have a 60 day break clause. There is no Certificate of Occupancy since the property predates New York City Certificate of Occupancy requirements. There is significant remaining FAR and the property is an excellent candidate for conversion into a boutique hotel or offsite housing since the property is in close proximity to several major learning, research, and health industry institutions, midtown tourist and business destinations, all with significant, underserved lodging needs. Projected Gross Income (PGI) is $902,760. Operating Expenses are $194,793. Net Operating Income (NOI) is 707,967. Cap Rate is 3.54%. This offering is the sale of the cooperative corporation, which owns the real estate. 

What I love about the home

Location, views, future possibilities.
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  • Cooperative
  • Built in 1910
  • 213 days on Zillow
  • Price/sqft: $1,636
  • MLS #: 1940851


  • Finished basement


      • Roof type: Other
      • Stories: 6
      • Structure type: Other
      • Unit count: 24


      • Floor size: 11,000 sqft
      • Last remodel year: 2000
      • Lot depth: 100
      • Lot width: 25
      • Parcel #: 14550012
      • Zillow Home ID: 31538539

      Zestimate Details

      A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value. Learn more

      The Value Range is the high and low estimate market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table

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      +$758,000 Last 30 days
      Zestimate range
      Rent Zestimate A Rent Zestimate is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property. Learn more

      The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
      +$4,118 Last 30 days
      Zestimate range
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      Owner estimate:
      Posted on 08/05/2014
      Adjoining the almost completed twin 41-story Sutton Place North development, and very near the almost completed Memorial Sloan Kettering 16-story outpatient cancer hospital. Easily vacated by buyer. Perfect location for conversion to boutique suite hotel

      Comparable Homes

      Homes like this sold for $5.0-14.0M.


      Popularity on Zillow

      Trending! This home is one of the top 10% most visited in the neighborhood this week.
      8,309 views since listing
      12,122 all-time (chart)
      2 shoppers saved
      this home to their list of favorites

      Home Expenses

      Internet, phone and TV
      Home security
      Home Insurance


      Market guide

      Zillow predicts New York home values will rise 2.3% next year, compared to a 0.5% rise for New York Metro as a whole. Among New York homes, this home is 3149.7% more expensive than the midpoint (median) home, and is priced 281.4% more per square foot.

      Foreclosures will be a factor impacting home values in the next several years. In New York, the number of foreclosures waiting to be sold is 55.8% less than in New York Metro, and 75.7% lower than the national average. This lower local number could help New York home values rise more quickly than other regions in New York Metro.

      Learn more about forecast calculations or New York home values.
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        Nearby Schools in New York

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