Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Kips Bay Portfolio - Five Apartment Buildings In Murray Hill / Kips Bay

09/18/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Kips Bay Portfolio, five apartment buildingsat 243, 244, 247-249, 333, and 335 East 33rd Street. The properties are located between First and Third Avenues in Manhattan’s Murray Hill / Kips Bay neighborhoods. The buildings combine for 63 apartments and two professional offices and contain approximately 35,637 square feet with 15,875 of unused air rights. The asking price of the portfolio is $27,500,000.

The properties include three elevator buildings and two walkup buildings.  The apartment layouts include 18 studios, 39 one-bedrooms, five two-bedrooms, and one four-bedroom (three units combined).  The tenant mix consists of 34 fair market units, 27 rent stabilized units, and two rent controlled units. 

243 East 33rd Street is a four-story walkup containing approximately 4,176 square feet on a 15’ x 98.75’ lot with nine residential units.  244 East 33rd Street is a four-story walkup containing approximately 4,223 square feet on an 18.75’ x 98.75’ lot with eight residential units.  247-249 East 33rd Street is a five-story elevator building containing approximately 12,525 square feet on a 36.67’ x 98.75’ lot with 24 residential units.  333 East 33rd Street is a five-story elevator building containing approximately 7,860 square feet on a 20’ x 98.75’ lot with 13 residential units.  335 East 33rd Street is a five-story elevator building containing approximately 6,852 square feet on a 20’ x 98.75’ lot with nine residential units and two professional offices.

With the high number of rent regulated units and imminent upside in the fair market units, this portfolio provides an extremely rare opportunity to acquire five buildings all on the same block in one of Manhattan’s safest and cleanest communities with a tremendous amount of upside.

This portfolio is being marketed exclusively by Bob Knakal, John Ciraulo, and Michael DeCheser.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

 

09/18/2013 - 08:25

Source

Cushman & Wakefield Capital Markets Group New York

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