Empire Grand Acquires Multifamily Property In Kips Bay For $8M

An $8 million multifamily property in Kips Bay has been sold at 519 Second Ave, located near Paddy Reilly's Music Bar. The property spans 7,900 square feet and was sold by 519 LLC, represented by Adam Parkoff and Adam Siff. The buyer, Empire Grand, was represented by Eddie Weinberg. The sale was facilitated by brokers Lipa Lieberman, David Schechtman, and Abie Kassin from Meridian Capital Group.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Address: 519 Second Ave
• Market: Kips Bay

The sale price of the property was $8 million, resulting in a price per square foot of $1,012. The property generates a gross income of $498,000.