$7,425,000
Updated 8 years ago
Sold

517 Second Ave

Kips Bay, Manhattan | East 28th Street & East 29th Street

12 Rooms6 Beds6 Baths6,259 Square FeetRental Property

$7,425,000
floors / apts4 / 3
Lot Size25'x95'
Built Size25'x88'
ZoneC1-8A
Building TypeLow-Rise
RE Taxes$35,340
Price Per SF
$1,186

This property was sold for $7,425,000 on 10/30/17.

Listing Features

  • Window AC Units

Outdoor space and views

  • Terrace

Building Amenities

  • Voice Intercom

Property Description for 517 Second Ave

A 24.69’ wide, 4-story, mixed-use building, located on the west side of Second Avenue between 28th and 29th Streets. The property consists of a retail store on the ground floor plus three (3) floor-through, three-bedroom / two-bathroom apartments above. The retail tenant is an Italian restaurant with a lease expiring May 31, 2020 and is approximately 50% below market. Each apartment has undergone some form of renovation over the last few years, however current rents are approximately 15%-20% below market. The second floor unit benefits from having a private 1,000(+/-) square foot terrace. 517 Second Avenue provides a buyer the ability to purchase a fully occupied cash flowing asset with near-term upside. Additionally, the approximately 10,180 square feet of unused air rights and location just off the corner make it a desirable parcel to any future development or assemblage.

Listing History for 517 Second Ave

Now
10/30/2017
$7,425,000
Sold and Closed by John F. Ciraulo
Cushman & Wakefield
03/01/2017
POM by John F. Ciraulo
Cushman & Wakefield

Building Details for 517 Second Ave

OwnershipRental Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts4/3
Learn More About the Building

Transit and Citi Bike

Subway

28 St
0.32 miles
33 St
0.37 miles
23 St
0.45 miles

Citi Bike

2 Ave & E 29 St
0.02 miles
2 Ave & E 31 St
0.12 miles

Ferry

East 34th Street
0.43 miles

Contact Agents

Contact Agents

John Ciraulo
Cushman & Wakefield
Craig Waggner
Cushman & Wakefield
Hunter Moss
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: 48204TH