Kips Bay Apartments Sell $700K-Per-Unit

A private buyer paid $19 million for a six-story apartment building in Manhattan’s Kips Bay neighborhood.

Built in 1920, the walk-up at 240 E. 28th St. includes 28 rental apartments and two ground-floor retail spaces. That works out to a price approaching $700,000 per apartment. Previous rental rates average $3,267 a month, according to StreetEasy.

“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 Adam Sprung for Meridian Investment Sales, which represented both buyer and seller A.D Real Estate Investors, which recently spent $1 million to renovate the lobby, hallways, laundry and facade.

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