The Real Deal New York

Two mixed-use Kips Bay properties hit market for $50M

Mixed use buildings contain 55 apartments, 5 stores, future development potential

April 23, 2014 04:46PM
By Julie Strickland

From left: Daniel Shapiro, 360-364 Third Avenue and 368 Third Avenue

From left: Daniel Shapiro, 360-364 Third Avenue and 368 Third Avenue

Two listings in Kips Bay with air rights galore are on the market for nearly $50 million.

The first three-building listing, located at 360, 362 and 364 Third Avenue, between East 26th and 27th streets, is priced at $38 million. The second, located at 368 Third Avenue, is listed for $11.5 million, according a spokesperson for commercial brokerage Besen & Associates, who is marketing both properties.

The three mixed-use properties at 360, 362 and 364 Third Avenue, between East 26th and 27th streets, are walkup buildings composed of 47 apartments and four retail spots, and are collectively owned by a family partnership. The buildings at 360 and 362 Third Avenue both stretch five stories, while 364 Third Avenue is a six-story building. Combined, the trio total 34,130 square feet and occupy 74 feet of frontage along Third Avenue. An additional 41,680 square feet of air rights are also attached to the properties, bringing the total buildable square feet to 82,810.

The property at 368 Third Avenue is a five-story walkup building composed of eight apartments and one commercial unit that is currently being used as a recording studio, a spokesperson for Besen & Associates told The Real Deal. Owned by a different family partnership, the property occupies 11,625 square feet in total with roughly 25 feet of frontage on Third Avenue. An additional 16,000 square feet of air rights come with the property, bringing the total buildable square footage to 27,630 square feet.

“These are great multifamily investments for the long-term, and there’s also an upside in development opportunities,” Daniel Shapiro, who is marketing the first listing, told The Real Deal. “You’re getting a steady income and possible development along Third Avenue, and there’s also the Second Avenue subway that’s going to be stopping on 23rd Street.” Besen & Associates broker Matthew Garcia has the listing for 368 Third Avenue.

No. 366 Third Avenue, located between the two listings, is also on the market for $13.25 million, but the parcel is listed by Massey Knakal, according to that brokerage’s website.

“There are various routes of opportunity, and there could be one buyer for all five properties,” Shapiro said. “So that’s an option that is on the table.”

MENU