212 E 29th St - Apartments FOR SALE


New York, NY 10016- Kips Bay
$10,995,000 USD
718-360-8827
212 E 29th St, New York, NY for Sale
$10,995,000 USD
Apartments - FOR SALE
1/35
null | 6.1% Cap Rate

212 E 29th St
New York, NY 10016
Kips Bay


HIGHLIGHTS

  • Efficient, Highly Desirable Layouts: Spacious 2-bedroom/2-bathroom and 3-bedroom/2-bathroom configurations with in unit washer & dryer
  • Attractive In-Place Yield: Offered at a 6.10% cap rate, providing investors with a strong going-in return for a core Manhattan asset
  • Individually Metered Heating Systems
  • Prime Kips Bay Location: Situated just blocks from Baruch College, Bellevue Hospital and NYU Langone Medical Center
  • The property benefits from a deep and consistent renter pool
  • The asset offers convenient access to major subway lines and is a short commute to Midtown South and Manhattan’s premier office districts

OVERVIEW

Investment Property Realty Group (IPRG) has been exclusively retained by ownership to market 212 East 29th Street, a 93% deregulated mixed-use property located in the heart of Kips Bay, one of Manhattan’s most established and centrally positioned neighborhoods. Situated between Third and Second Avenue, the property benefits from immediate access to the 6 train, multiple bus lines, and close proximity to Midtown South, NoMad, and Gramercy. The neighborhood is anchored by NYU Langone Medical Center and surrounded by a strong mix of residential density, national retailers, restaurants, and neighborhood services, creating consistent foot traffic and long-term tenant demand. The building consists of 13 apartments and 2 retail stores, with 11 of the 13 residential units deregulated. The high percentage of free-market units provides insulation against future expense increases while offering the next owner significant flexibility in driving rental growth. Offered at a 6.10% cap rate at the asking price, this investment presents a rare opportunity to acquire a core Manhattan asset at an above-market return.

FOR SALE DETAILS

PRICE

$10,995,000 USD

PRICE/SF

$1,162 USD /SF

# OF UNITS

13

PRICE/UNIT

$845,769

CAP RATE

6.1%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,614 SF

ZONING

R8B

APN/PARCEL ID

0909-0048

ASK ABOUT THIS PROPERTY

Justin ZeitchikInvestment Property Realty GroupMore Info
718-360-8827

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Justin ZeitchikInvestment Property Realty GroupMore Info
718-360-8827

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.