Kips Bay Building Comes to Market Less Than a Year After Last Sale
Gus Delaporte March 12, 2014, 12:30 p.m.
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.
“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.