$4,250,000
Updated 11 years ago
Off Market

226 East 26th Street

Kips Bay, Manhattan | Third Ave & Second Ave

7,970 Square FeetRental Property

$4,250,000
floors / apts5 / 12
Lot Size27'5"x98'
Built Size25'x64'
ZoneR8B
Building TypeLow-Rise
RE Taxes$54,530
Price Per SF
$533

Building Amenities

  • Voice Intercom
  • Elevator

Property Description for 226 East 26th Street

A 25' wide, 5-story plus basement, approximately 7,970 gross square foot walk-up apartment building located in the highly coveted Murray Hill/Kips Bay and Stuyvesant town neighborhoods of Manhattan. Built around 1920, the property is situated on the north side of East 26th Street between Second and Third Avenues. There are 12 residential apartments of which 5 are rent stabilized, 1 is rent controlled and 6 are fair market. The regulated rents average approximately $22/NSF while the current fair market rents average $44/NSF in a neighborhood that commands in excess of $50/NSF, providing significant upside potential for the “value-add” type of investor. There are also approximately 1,906 SF of unused air rights which could potentially be beneficial to an investor that adds a penthouse or duplex pop-ups to the top floor apartments. The unit mix is comprised of 6 two-bedroom apartments, 2 one-bedroom apartments and 4 studios. This is an excellent opportunity for an investor who is looking for strong-in place cash flow with long-term upside in the below market rents.

Listing History for 226 East 26th Street

Now
07/31/2012
POM by John F. Ciraulo
Cushman & Wakefield
06/18/2012
$4,250,000
Initial Price by John F. Ciraulo
Cushman & Wakefield

Building Details for 226 East 26th Street

OwnershipRental Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1920
Floors/Apts5/12
Learn More About the Building

Transit and Citi Bike

Subway

28 St
0.25 miles
23 St
0.29 miles
33 St
0.4 miles
23 St
0.44 miles

Citi Bike

E 25 St & 2 Ave
0.11 miles
Lexington Ave & E 26 St
0.14 miles

Contact Agents

Contact Agents

John Ciraulo
Cushman & Wakefield
James Nelson
Cushman & Wakefield
Craig Waggner
Cushman & Wakefield

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: 44066TH