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    Kips Bay Court

    500 Second Avenue
    New York, NY 10016
    Website
    Retail, Residential, Leasing/Rental, Multifamily

    Kips Bay Court, formerly known as Henry Phipps Plaza West, is a complex of 8 buildings on Second Avenue from 26th to 29th Street. Kips Bay Court includes the addresses 460 Second Avenue, 470 Second Avenue, 480 Second Avenue, 484 Second Avenue, 490 Second Avenue, 500 Second Avenue, 510 Second Avenue and 520 Second Avenue. The development was completed in 1975 by Phipps NY as a part of the state's Mitchell-Lama program, which provides incentives to developers for building low to middle income housing. Kips Bay Court has 894 apartments and is currently undergoing renovation to modernize the complex. In June of 2016, it was announced that the complex will be marketed for sale by CBRE's Darcy Stacom.

    • Address 500 Second Avenue
    • neighborhood Kips Bay
    • borough Manhattan
    • owner Wafra Group
    • owner entity BELLEVUE SOUTH ASSOCIATES, L.P.
    • floors 28
    • Year Built 1975
    • residential units 894
    • commercial units 8
    • total units 902
    • square feet 829,024
    • block and lot 1-00934-0001
    • BIN 1082729
    • Event Retail Leasing
    • Address 520 Second Avenue
    • Neighborhood Kips Bay
    • Borough Manhattan
    • Square feet 21,000
    notes
    The big-box store inked a lease in Kips Bay for its 8th Manhattan retail location.
    • Event Sales
    • Address 520 Second Ave
    • Neighborhood Kips Bay
    • Borough Manhattan
    • Square feet 8
    • Price $ 620,000,000
    notes
    The eight-building, 894-unit complex was sold for $620 million.

    02/23/2017
    From the February issue: Manhattan investment sales picked up in December 2016 to $4.2 billion , a 125 percent increase over the prior month, but From the February issue: Manhattan investment sales picked up in December 2016 to $4.2 billion , a 125 percent increase over the prior month, but...

    12/29/2016
    In fact, 12 of the top 20 investment sales were partial-stake deals, according to an analysis by The Real Deal. The market experienced déjà vu, with sales involving many of the same trophy buildings from 2014 and 2015. All the top 10 deals were office towers â€' no Waldorf Astorias, Stuy Towns or World Trade Center malls in the bunch. The year’s largest multifamily deal â€' Blackstone Group’s $620 million purchase of Kips Bay Court â€' came in 12th...
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