$8,250,000
Investment Summary
- Monthly Cash Flow
- -$50,227
- Cap Rate
- -1.2%
- Cash-on-Cash Return
- -31.8%
- Debt Coverage Ratio
- -0.20
- Internal Rate of Return (5 years)
- -26.6%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
A Full-Floor Penthouse Masterpiece with 360° Panoramic Views Perched atop The Metropolitan—a Pritzker Prize-winning Philip Johnson masterpiece—this extraordinary four-bedroom full-floor penthouse offers unparalleled 360-degree panoramas of Central Park, the East and Hudson Rivers, and the iconic Midtown skyline. Featuring over 3,500 sq. ft. of meticulously crafted interiors and 11-foot ceilings, this turnkey residence underwent a comprehensive renovation, ensuring every detail reflects exceptional quality and contemporary luxury. No matter which room you are in, the apartment is soaked in light from the nearly full-floor windows in every room, creating an atmosphere of warmth and brilliance. From the keyed elevator, arrive to an inviting private foyer and gallery that lead into an expansive corner living room, where 8 signature curved windows frame sweeping views and flood the space with natural light. Low-energy AC zones and automated shades contribute to a serene environment. The flooring is finished in a sleek epoxy white. Step onto a remarkable 1,030 sq.ft. terrace, crowned by an architectural awning and thoughtfully equipped with irrigation, large storage units and outlets. Offering a 270-degree panorama - east, west, and north - this private outdoor haven is perfect for alfresco dining, sophisticated entertaining, year-round sunsets and sunrises, or simply soaking in the city’s ever-changing skyline. The sunlit, open-concept fully vented kitchen, with Crema Marfil marble flooring, is a culinary showpiece. Outfitted with SieMatic cabinetry and granite St. Cecilia countertops, it boasts top-of-the-line Viking and Sub-Zero appliances. Two windows with powered shades invite in fresh air, and two floor-to-ceiling pantry shelves provide ample storage. It has a vast adjacent dining area. Four generously proportioned bedrooms with en-suite bathrooms, each appointed with powered sheer/blackout window treatments and outfitted with California Closets, ensure everyone’s comfort. Beneath the bedroom carpets lie oak floors, adding warmth and versatility. The primary suite is a tranquil sanctuary that rivals the size of a grand living room. Equipped with a dedicated low-energy AC zone, and extensive closet space (three closets, including a walk-in), this retreat caters to ultimate comfort. Adjoining is the windowed primary bath, which is a private wellness haven featuring a steam shower, an infinity soaking tub, radiant-heated Azul Cielo marble floors and walls, and a separate vanity desk. Each additional bedroom has its own ensuite marble bath with shower/tub combinations, ensuring family and guests enjoy luxurious pampering in total comfort. A dedicated laundry room includes Whirlpool washer and vented dryer for convenience. The home’s smart infrastructure includes automated shades, a Crestron system, and low-energy AC zones for personalized climate control. With large investments into updates and enhancements, this residence is a modern masterwork, offering both style and substance in every corner. Built in 2004, The Metropolitan at 181 East 90th Street is celebrated as one of Carnegie Hill’s finest condominiums. Residents enjoy a 24-hour doorman, porter, full-time handyman, and resident manager. On-site amenities include a state-of-the-art fitness center, bike room, children’s playroom, private storage, and additional laundry facilities. Pets are warmly welcomed. This prime Upper East Side address places you moments from Central Park, world-class museums, acclaimed dining, gourmet grocers, and convenient subway lines. Adding further appeal, residents may benefit from the New York City Cooperative and Condominium Tax Abatement. Seller financing available - monthly payment sized to mimic a 3% interest rate payment. 17.5% property tax abatement available for primary owners. Carpets in bedrooms may be replaced.
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Location
Property Details
Parking
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Partial): 1
- # of Baths (Total): 5.0
Interior Features
- # of Rooms: 8
- # of Stories: 30
HOA
- Has HOA: Yes
- HOA Fee: $4,910/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 015191096
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Other
- Year Built: 2004
Tax Information
- Annual Tax: $126,840
Utilities
- Water & Sewer: Other
- Heating: Other
- Cooling: None
Location
- County: New York
Listing Details
Investment Summary
- Monthly Cash Flow
- -$50,227
- Cap Rate
- -1.2%
- Cash-on-Cash Return
- -31.8%
- Debt Coverage Ratio
- -0.20
- Internal Rate of Return (5 years)
- -26.6%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $8,250,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$6,600,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $1,650,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $247,500 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $1,897,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,553 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $2,322 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $2.84 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $6,600,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.500% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $41,716 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $10,570 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $707 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $52,993 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $10,100 | $121,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$606 | -$7,272 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $9,494 | $113,928 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 105% | -$10,570 | -$126,840 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$707 | -$8,484 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$808 | -$9,696 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$505 | -$6,060 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$505 | -$6,060 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 49% | -$4,910 | -$58,920 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 178% | -$18,005 | -$216,060 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| -$8,511 | -$102,132 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$41,716 | -$500,592 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $50,227 | $602,724 |