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Ariel Closes Mixed-Use Sale in Kips Bay
Ariel Property Advisors arranged the $3.5-million sale of 597-601 Second Ave., a three-unit, mixed-use building on 33rd Street in Kips Bay. The sale was arranged by Ariel’s Howard Raber, Sean Kelly and Jack Moran.
The three-story, 2,700-square foot mixed-use walkup building consists of one retail and two residential units. The retail space is currently leased to Dunkin’ and additional revenue is generated for the owner by a Verizon cell tower on the building.
“This boutique property offered a truly diversified cash-flow opportunity for a strategic investor,” said Raber. “The buyer can realize major investment and income potential, being situated on a highly visible corner location with free-market units in one of New York City’s most desirable, 24-hour neighborhoods. As the market continues to recover, income-generating properties like this will be highly attractive to investors.”
- ◦Sale/Acquisition

