New York University Acquires 209-Unit Multifamily Building In Kips Bay For $210M

New York University has acquired a multifamily property located at 377 East 33rd Street in Kips Bay, Manhattan. The 209-unit residential elevator building was purchased from Verbena Road Holdings for a total of $210 million. This transaction marks a significant investment for the university in the Manhattan real estate market.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $210,000,000
• Units: 209
• Price Per Unit: $1,004,785
• Square Feet: 213,549
• Price Per Square Foot: $983
• Address: 377 East 33rd Street, Kips Bay, Manhattan

Leading the buyer's side of the transaction were Vicki March Suna and Linda G. Mills, representing New York University. They saw potential in the 209-unit residential building, recognizing it as a valuable addition to the university's real estate portfolio. On the seller's side, Dennis Wong represented Verbena Road Holdings, facilitating the successful sale of the property.