Seller is Very Motivated
Offered at $3,999,000
Welcome to 250 East 32nd Street, a meticulously maintained, mixed-use, four-story building in the heart of Kips Bay. With a full gut renovation completed approximately 10 years ago, this property combines modern infrastructure with timeless appeal, making it an ideal opportunity for both investors and owner-users seeking a strategic foothold in a thriving Manhattan submarket.
Property Overview:
Configuration: 3 units total
Ground Floor & Lower Level: Fully equipped dental office
Second Floor: Commercial/office studio space (zoned commercial)
Top Two Floors: Spacious, upscale duplex penthouse apartment with private roof deck
Current Tenancies & Lease Terms:
100% Occupied: Immediate income stream
Penthouse Apartment:
Rent: $6,495/month
Lease Expiration: November 1, 2025
Recent gut renovation, in-unit washer/dryers, hardwood floors, and a flexible one-to-two bedroom layout
Private 620 sq. ft. roof deck
Commercial Tenant (Dental Office):
Rent: $11,000/month plus 40% of real estate taxes (currently $1,333/month)
Fully plumbed treatment rooms, lab space, pump and vacuum systems, and X-ray-ready areas, making it turnkey for medical/dental use or adaptable for other professional services
Building Highlights:
Solid Investment Potential: Stable income from established tenants, with the possibility of future rental increases or reconfiguration to maximize value.
Quality Infrastructure: Gut renovated approximately 10 years ago, ensuring modern mechanicals, updated plumbing/electrical systems, and reduced maintenance costs.
Mixed-Use Flexibility: Ideal for an investor seeking diverse revenue streams or an owner-user looking to occupy the commercial space or the penthouse while collecting income from the other units.
Location & Connectivity:
Prime Kips Bay Setting: Surrounded by medical centers such as NYU Langone, as well as popular retailers including Trader Joe's and Duane Reade.
Excellent Transit: Near the 6 train at 33rd Street and multiple bus lines, making commutes and client access seamless.
Neighborhood Growth: Kips Bay's ongoing residential and commercial development supports strong demand, occupancy stability, and long-term appreciation.
A Unique Opportunity:
250 East 32nd Street stands ready for an investor or owner-occupant who appreciates a turnkey asset, robust existing income streams, and the flexibility to adapt the building for future growth. With established leases, a prime location, and quality renovations already in place, this property is poised to deliver steady returns and value appreciation for years to come.
For further information, or to schedule a private viewing, please reach out today.
