BEB acquires Kips Bay mixed-use for $55M
Port Washington-based investor picks up 66-unit Ivy 30
Long Island-based BEB Capital bought a Kips Bay apartment building from AD Real Estate for $55.2 million, public records show.
Ivy 30, the 18-story development at 312-316 East 30th Street, features 66 apartment rentals and three offices. The building edges out another one owned by the Long Island-based real estate development and investment firm in Bayside, Queens, for the firm’s largest by unit count.
AD Real Estate owns a spate of residential, retail and office properties across New York City, Long Island and New Jersey. Ivy 30 was one of its largest buildings, as the firm’s rentals generally range between five and 25 units. BEB’s residential portfolio is more modest, comprising a handful of mid-size multifamily properties including the Maxwell in East Harlem and 249 Broome Street on the Lower East Side.
The deed transfer was signed on Feb. 17 and hit public records on Friday. On the same day, it took a $16 million mortgage from Signature Bank on the property. Andrew Natter and Harold Fuchs of Collaborative Group NYC represented AD.
AD bought the building in 2017 from Blackstone for $52 million. Its sand-colored brick facade towers above the rest of the street, which is lined with colorful, four-level townhomes. Ivy 30 was built in 1986 near Kips Bay Court, Blackstone’s 900-unit complex.
AD didn’t respond to requests for comment by phone and email.
New York has seen a recent surge in the multifamily market, assets in which comprise 50 percent of BEB’s real estate portfolio, according to a spokesman for the firm.
“We continue to remain bullish on New York City, as evident by this acquisition,” the spokesperson said.