Cushman & Wakefield has been retained exclusively to sell 131 East 29th Street, a 4-unit, 20’ wide entirely free market walkup apartment building. The property is located on the north side of beautifully tree-lined East 29th Street between Lexington and Third Avenues in Kips Bay.
The building is approximately 5,200± SF and has been exceptionally well-maintained. The property has been in the hands of current ownership for more than 40 years. The residential units consist of four floor-through 2-bed/ 1-bath free market apartments. The ground floor apartment features a rear private garden apartment.
These large floor-though apartments offer an excellent value-add opportunity to reconfigure the layouts and add bedrooms that will maximize rents due to their large size of approximately 1,105 net square feet and high demand for shared apartments in this neighborhood.
The building is 75% occupied offering investors a cash flowing turnkey asset with future upside on lease renewals. The property benefits from its tax class protected 2A status where NYC cannot raise the taxes each year by more than 8% from the year prior, or 30% over five years. The property is zoned R8B and has approximately 6,690 square feet of unused air-rights.
131 East 29th Street is situated between Lexington and Third Avenues in the Kips Bay Neighborhood. Nearby attractions and neighborhood staples include Madison Square Park, Trader Joe’s, Whole Foods, Murray Hill Mark
