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Type:
Mixed Use
Sq Ft:
9,460
Units:
Property Description
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 6.72% cap rate at the asking price, this investment presents a rare opportunity to acquire a core Manhattan asset at an above-market return.
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Block & Lot:
0909-48
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Neighborhood:
Kips Bay
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Cross Streets:
Between 3rd & 2nd Avenue
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Building Dimensions:
25 ft x 86 ft
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Lot Dimensions:
25 ft x 98.75 ft
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Units:
15
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Total Approx. SF:
9,460
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Zoning:
R8B
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Tax Class:
2
