212 East 29th Street

Property Description

Newmark has been retained on an exclusive basis to arrange for the sale of 212 East 29th Street. The ~9,600 SF mixed-use property sits on the south side of East 29th Street between 2nd and 3rd Avenues in the Kips Bay neighborhood of Manhattan. 212 East 29th Street is a 5-story property that is made up of 13 residential units above 2 commercial units. The residential units are comprised of (1) 3-bedroom garden duplex and (12) 2-bedrooms, of which, 11 units are Free Market, 1 unit is a newly renovated, first rent Rent Stabilized unit, and 1 unit is Rent Controlled. With 93% of the residential units renting at market rate, future ownership will be able to capitalize on the increasing rental demand across the densely residential Kips Bay neighborhood. The two commercial tenants have been in place since 2014 and both have recently extended their leases through 2028 and 2030 respectively. Both tenants contribute tax reimbursements which will help reduce future operating expenses.