The Real Deal New York

Rumpel family chops ask of 51 Irving Place to $56.5M 

Gramercy Park rental building on market for $6M more earlier this year

August 18, 2015 05:20PM
By Rey Mashayekhi

51 Irving Place near Gramercy Park

51 Irving Place in Gramercy Park

The Rumpel family’s six-story, mixed-use building in Gramercy Park is back on the market for $56.5 million – $6 million less than its previous asking price earlier this year.

The 50,000-square-foot building, located at 51 Irving Place at the corner of East 17th Street, houses 56 rental units as well as five retail spaces and one office space. Roughly three-quarters of the apartments are market rate with the rest rent regulated, while the building’s retail component includes a 1,500-square-foot, two-story townhouse.

Joseph Koicim and Peter Von Der Ahe of Marcus & Millichap are marketing the property. The Rumpels have owned the building for around 50 years and previously hired an Eastern Consolidated team led by David Schechtman, now at Meridian Capital Group, to sell it for $62.5 million earlier this year.

The property also includes around 5,000 square feet of additional air rights, with the sellers pitching a potential condo conversion or luxury rental repositioning. Both local and foreign investors have expressed interest in the building, Koicim told The Real Deal.

The Rumpels own and operate assisted-living facilities in Florida, where they are based, with 51 Irving Place representing the family’s last remaining asset in the city.