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.
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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.
