Three Kips Bay resi buildings ask $57M

Slate and Madison are selling contiguous Third Ave. properties in a joint venture

TRD New York /
Oct.October 23, 2017 04:35 PM

A joint venture between Slate Property Group and Madison Realty Capital has put a three-building package in Kips Bay on the market for $57 million.

Together the buildings at 489, 493 and 495 Third Avenue, at the northeast corner of East 33rd Street, have a total of 43 Apartments And Eight Street-level storefronts, according to Real Estate Alert. The ask works out to roughly $1.3 million per unit.

Only one storefront and two apartments are vacant. Eleven units are under some form of rent regulation. But the average rent of the market-rate units is $4,500, according to REA. Marcus & Millichap is marketing the sale on behalf of Slate and Madison.

The retail spaces, where the largest tenant is Mercury Bar, and a rooftop antenna generate some $113,000 of annual revenue, marketing materials claim.

According to property records, Silverstone Property Group bought the buildings in 2013. Slate’s founding principal Martin Nussbaum founded Silverstone with Madison principals Josh Zegen and Brian Shatz in 2009. Nussbaum left in 2013 and Silverstone is now Madison’s property management arm.

In August, Slate picked up a 32-unit West Village rental for $21 million, paying over $1,000 a square foot. Madison, which is both a lender and a developer, recently went into contract on an industrial site in Jamaica with partner Artemis Real Estate Partners for $78 million. [REA] – Christopher Cameron


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...