151 East 30th Street is a Kips Bay walk-up building comprised of 11 residential units (8 free market, 2 rent stabilized, and 1 temporarily exempt). The garden apartment is a two-bedroom, while all other floors comprised of two one-bedroom apartments. The rent roll is substantially below market on all free market apartments. This is an excellent opportunity to combine units or increase bedroom counts in all apartments from one to two bedrooms. Located within 4 blocks of the 6 train and under ½ mile from the N,R,W on a lovely tree-lined street. This is the first time the property is being offered for sale in nearly 50 years.
Kips Bay, once described by the NY Times as a “resolutely urban hybrid,” is a combination of modern high-rises, older condo buildings and brownstone-lined side streets, situated among a multitude of shops, bars and restaurants. Despite the bustling bar scene on Third Avenue, Kips Bay, bordered on the north by Murray Hill and on the south by Gramercy Park, has a reputation for being low-key and unpretentious. Kips Bay residents appreciate the area’s relatively economical rents, low crime rate and easy commute to other neighborhoods, and ease of access to the FDR, NYU institutions and hospitals on its eastern border.
With the recent unprecedented rate cut by the Federal Reserve, banks have been inundated with people looking to take advantage of lower interest rates. Because of the overwhelming demand, we have not yet seen a huge reduction in mortgage rates. While we aren’t there yet, it is likely that we will see a dramatic shift in the upcoming months, which raises the question, “What does a 1 point difference in interest rate do for my bottom line?”Read more