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Savanna

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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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