Sprung of Meridian Investment Sales brokers $19 million sale of mixed use property in Kips Bay

Manhattan, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, represented the seller, A.D Real Estate Investors, (Adam & Aaron Daniels) and procured the private buyer with Sal Notaro as managing agent in the $19 million sale of 240 East 28th St. in Kips Bay. Meridian’s Adam Sprung represented both sides.

240 East 28th St. is a six-story, mixed-use property, located in the heart of Kips Bay. Built in 1920, the pre-war walk-up building consists of 28 residential units and two ground-floor retail spaces. The property recently underwent over $1 million in renovations, featuring a beautifully updated lobby, interior hallways, upgraded laundry facilities and a newly renovated façade. Unit amenities include a new video intercom system, European-style kitchens, stainless steel appliances, hardwood floors, and modern bathrooms. Tenants enjoy close proximity to major transportation routes, including the Franklin D. Roosevelt Drive, the 6 subway line at the 28th Street station and the N, R, W, and 6 subway lines at the 23rd Street station. 240 East 28th Street offers walking distance to a variety of restaurants and shops, as well as the AMC Kips Bay 15 movie theatre and the Fairway Market Kips Bay.

“Kips Bay is a high-demand neighborhood for residential and retail spaces and it was a pleasure to have worked with the seller in bringing this fully-renovated mixed-use property to a buyer with a long-term hold strategy,” said Sprung.