$16,900,000
Updated 7 years ago
Sold
Kips Bay, Manhattan | Third Ave & Second Ave
18,315 Square FeetMixed Use

$16,900,000
floors / apts5 / 26
Lot Size50'x98'9"
Built Size50'x83'
ZoneR8B
Building TypeLow-Rise
RE Taxes$214,147
Price Per SF
$923

Listing Features

  • Oil Heat
  • Window AC Units

Outdoor space and views

  • Backyard
  • City Views
  • Garden Views

Building Amenities

  • Voice Intercom

Property Description

Stephen P. Wald Real Estate Associates, Inc. has been exclusively retained to represent the sale of 215 and 217 East 26th Street, which consists of 2 contiguous, mixed-use apartment buildings. Built in 1912, the buildings have a total of 26 residential units and 4 commercial units. The rent roll is substantially below market on all free market apartments and the rent controlled tenant is in the process of being evicted due to illegal subletting. One of the four retail tenants is on a month-to-month basis, providing a significant upside for the owner. All building mechanicals in good condition and all free market apartments recently renovated. This property represents excellent upside potential. FULL SETUP INCLUDING RENT ROLL AVAILABLE AT http://www.waldrealestate.com/portfolio/building-215-217-east-26th-st/

Listing History

Now
11/24/2015
Sold and Closed by Cody Parker
Stephen P. Wald Real Estate Associates
07/31/2015
Contract Signed by Cody Parker
Stephen P. Wald Real Estate Associates

Building Details

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1912
Floors/Apts5/26
Learn More About the Building

Transit and Citi Bike

Subway

28 St
0.26 miles
23 St
0.31 miles
33 St
0.39 miles
23 St
0.45 miles

Citi Bike

E 26 St & 3 Ave
0.04 miles
E 25 St & 2 Ave
0.11 miles

Contact Agent

Contact Agent

Cody Parker
Stephen P. Wald Real Estate Associates

Kips Bay | Manhattan

Quick Profile

If you take a walk through Kips Bay, which is loosely defined as the area between 23rd street and 34th street and the East River to almost Lexington, you’ll quickly learn it's a hodgepodge of sorts and not as well defined as other neighborhoods in New York City. Some New Yorkers say Kips Bay has an identity crisis because 1st, 2nd, and 3rd avenues are distinctly different from one another as you traverse them. Despite the perceived lack of neighborhood vibe there are others that appreciate its affordability and convenience.  

First Avenue is dominated by hospitals and hospital buildings such as NYU Medical Center and Bellevue Hospital to name a few. Second Avenue is a mosaic of convenience stores, fast food joints and nondescript brick buildings. Third Avenue is saturated with small bars and gastropubs and the twenty somethings that patronize them. 

No judgement against Kips Bay here. It’s a great neighborhood that is just as much a part of New York City as any other neighborhood. Kips Bay It’s bordered by Murray Hill to the North, Stuyvesant Town and Gramercy Park to the South, and Rose Hill to the West. The neighborhood is partly defined by newer high-rise apartments, brick rowhouses, and former tenement buildings. 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 57678TH