Eastern Consolidated chosen to market Kips Bay property at 132 East 29th Street

Eastern Consolidated, a leading investment sales brokerage firm, has been retained as the exclusive agent to market for sale 132 East 29th St., a four-story, walk-up apartment building located in Kips Bay. Just a short walk from Park Ave. South, the Gansevoort Hotel, and the rapidly transitioning condominium market, 132 East 29th St. is currently improved to contain a 5,664 s/f building with 20 ft. of frontage on 29th St., with an additional 6,226 s/f of unused air rights. The property also includes an English basement. "The property at 132 East 29th St. will be delivered vacant and unencumbered by leases, providing an investor with the option to pursue many development strategies," said Marion Jones, a director with Eastern Consolidated, who along with colleagues David Schechtman, Ryan Freeman, and Wade Hazelton represents the seller on an exclusive basis. "The property also has excellent potential as a single-family home or nonprofit usage." Jones also noted that the Property allows an investor the option to take advantage of the current strong rental demand in the area, or pursue an assemblage of neighboring properties for a large development site. "The property is within easy walking distance to numerous bars and restaurants that make living in the centrally located Kips Bay very desirable," Jones said. "Kips Bay is unique in that there is a strong demand for rentals, but also a new wave of condominiums moving west from Park Ave." Immediately to the west on 29th St. and Lexington Ave. is a string of three row houses controlled by the same family. Abutting the property on the East is a parking lot owned by St. Stephen's Church. The property is also in close proximity to many hospitals, including NYU Langone Medical Center.