Multi-family

Investor Opportunity in Gramercy/Kips Bay – 132–134 E 24th Street

Address: 132–134 East 24th Street, New York, NY, 10010
Asking Price: $19,900,000 ($1,326,667/Unit)
Sale Type: Investment
Asset Type: 3-Star Mid-Rise Apartment Buildings
Location: CBD – Gramercy / Kips Bay
Units: 15
Stories: 5
Buildings: 2
Building Class: C
Gross Building Area (GBA): 13,848 SF
Typical Floor Size: 1,276 SF
Units per Acre: 173/AC
Rent Type: Market

Property Overview:

132–134 E 24th Street offers a rare opportunity to acquire a 15-unit, fully market-rate multifamily portfolio consisting of two adjacent mid-rise buildings in one of Manhattan’s most desirable live-work neighborhoods. Located at the crossroads of Gramercy, Kips Bay, and NoMad, this property offers investors strong in-place income with additional upside through potential upgrades and rental growth.

Investment Highlights:

✔ Central, High-Demand Location: Just steps from Madison Square Park, Baruch College, Flatiron District, and major office hubs. A+ location for working professionals, students, and long-term tenants.

✔ Fully Market-Rate Units: No rent-stabilized or controlled apartments. This allows full control over rental increases and lease terms, making it highly attractive to institutional and private investors alike.

✔ Two-Building Footprint: With dual building frontage and operations, the property presents flexibility for asset management, future repositioning, or condo conversion (subject to approvals).

✔ Consistent Demand & Stability: Located in a neighborhood with excellent access to transit, employment centers, and lifestyle amenities—ensuring year-round occupancy and minimal turnover.

✔ Attractive Scale: 15 total units across ~13,850 SF—ideal for 1031 exchange buyers, family offices, or value-focused multifamily investors seeking a core-plus asset.

Property Summary:

• Price: $19,900,000
• Cap Rate: Available upon request
• Units: 15
• Stories: 5
• Buildings: 2
• Gross Building Area: 13,848 SF
• Typical Floor Size: 1,276 SF
• Building Class: C
• Rent Type: Market

Conclusion:

132–134 E 24th Street is a rare opportunity to secure a fully market-rate, multi-building residential asset in a premium Manhattan location. With strong in-place income, long-term demand drivers, and built-in scalability, this is a must-see property for serious multifamily investors.

Request the full Offering Memorandum and schedule a confidential tour today.