212 East 29th Street

For Sale: Mixed-Use Building 25’ Frontage in Heart of Kips Bay – 85% Free Market Value Add Opportunity

212 East 29th Street, New York, NY 10016
Asking Price $10,500,000
Type Mixed-use
Neighborhood Kips Bay
Properties 1
Lot Size 2,469 SF
Zoning Code R8B
Size Lot Dimensions 25.00' x 98.75' / As Built 25.00' x 77.00'
Stories 5
Units 15 total: 13 apartments and 2 retail
Air Rights n/a

Investment Highlights:

Meridian Investment Sales is pleased to exclusively offer for sale 212 East 29th Street, a five-story mixed-use building in the Kips Bay neighborhood of New York City. 100% occupied with two longstanding ground floor retail tenants, 11 free market tenants, and just two rent-controlled tenants, this well-maintained walk-up is a unique opportunity to acquire an iconic building steps from mass transportation and around the corner from world renowned hospitals. The 85% free market building offers an in-place average monthly rent of about $3,000 monthly and features large unit sizes with 13 two-bedroom / two-bathroom units. In addition, with individual boilers and electrical panels for each unit, investors will enjoy lower operating expenses. Because of the relative affordability of the area combined with the central location, Kips Bay continues to attract young professionals and families. This is a rare opportunity to acquire an immaculate five-story, 85% free market building in prime New York City.

Location:

Located between 2nd and 3rd Avenues with 25’ of frontage, 212 East 29th Street is located on a quiet tree-lined street with immediate access to local markets, eateries, and shops

Property Listing Contact:

David Schechtman // Senior Executive Managing Director // 800 3rd Ave., New York, NY // 212.468.5907 // dschechtman@meridiancapital.com

Lipa Lieberman // Managing Director // 800 3rd Ave., New York, NY // 212.468.5908 // llieberman@meridiancapital.com

Abie Kassin // Director // 800 3rd Ave., New York, NY // 212.468.5909 // akassin@meridiancapital.com

Scott Burk // Director // 800 3rd Ave., New York, NY // 212.468.5942 // sburk@meridiancapital.com

Paul Patafio // Vice President // 800 3rd Ave., New York, NY // 212.468.5912 // ppatafio@meridiancapital.com

Maxwell Kepes // Associate // 800 3rd Ave., New York, NY // 212.468.5974 // mkepes@meridiancapital.com