A walk-up apartment building at 317-319 Second Avenue, located on the west side of Second Avenue between East 18th and 19th Streets in Manhattan’s coveted Gramercy Park neighborhood, was sold in an all cash transaction valued at $4,750,000.
The six-story building is approximately 14,447 square feet and sits on a 35’ x 98’ lot. There are 18 residential apartments, of which 10 are rent stabilized, two are rent controlled, and six are free market. The property had been fairly neglected over the years and all the apartments including the free market ones are in need of extensive renovation. The sale price equates to a 4.67% capitalization rate, 13.18 gross rent multiple and $329 per square foot. The buyer was Terrence Lowenberg and Todd Cohen of Icon Realty Management, LLC. The seller was Jelstone Realty Corp.
Click here for press release
Neighborhoods: Gramercy Park/ Agents: John Ciraulo