Kips Bay Building Comes to Market Less Than a Year After Last Sale



A four-story mixed-use building at 156-158 East 33rd Street in Kips Bay is on the market less than a year after the building last sold. Eastern Consolidated is marketing the property with a $7 million asking price.

The sellers, who declined to be identified, acquired the building in July of last year for $2.42 million and embarked on a complete gut renovation of the building. The sellers planned to flip the building at the time of the acquisition, according to the listing broker.

156-158 East 33rd Street in Kips Bay. (Credit: PropertyShark)
156-158 East 33rd Street in Kips Bay. (Credit: PropertyShark)

“This was their intention from day one,” James Famularo of Eastern Consolidated told Commercial Observer. “You very rarely find a building in a prime location like this that needs a total gut rehab.”

The property boasts two street-level retail spaces, currently rented to a juice bar and a wine bar, and three three-bedroom apartments. Rents average $5,467 per month for the apartments and $6,400 per month for the retail units. One of the apartments has already rented.

“For someone who wants to park their money somewhere and have a safe investment, an opportunity like this is hard to find,” Mr.Famularo noted.

The building’s three apartments have been redesigned to include exposed brick walls, hardwood floors, recessed lighting and through-the-wall air conditioners. The units’ kitchens have been upgraded with stainless steel appliances, zebra wood cabinets and wine refrigerators.