Manhattan, NY Friedman-Roth Realty Services has closed the sale of an apartment building located at 345 East 33rd St. The building is situated between First and Second Aves. in the Kips Bay neighborhood.
The property is a five-story walk-up with 17 residential units. The building has 25 ft. of frontage and encompasses 10,625 s/f.
This is the first sale of the property in over 20 years. The selling price for the building was $7.2 million or $677 per s/f.
Eric Lupo represented the seller and the buyer, Jared and Steven Pinchasick of JAM Real Estate Partners.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,