Rare Opportunity: Own a Four-Story Townhouse in Manhattan's Coveted Kips Bay Neighborhood for the Price of a Two-Bedroom Apartment

FacadeNew York, N.Y. – A rare opportunity has just hit the Manhattan real estate market. Priced at only $2.5 million, a four-story Kips Bay townhouse, listed by Luke Whittle at Elegran | Forbes Global Properties, offers a lucky buyer the chance to own an entire building in the City’s most coveted borough for the average price of a two-bedroom apartment. 

Located at 240 East 29th Street, the townhouse is ideal for prospective homebuyers looking to own a private residence in the heart of a prime New York City neighborhood, or for investors seeking an income-generating asset with potential to collect an impressive $170,400 a year in gross rent. Currently, the property is configured as a ground-floor retail space with three one-bedroom apartments on the upper floors. However, with the option to modify the layout to create two duplexes, change the configuration of the apartments, combine the units into a single-family triplex, or keep the property exactly as is, the value and possibilities that come with this property are endless.

"240 E 29th Street is a truly remarkable listing,” says Luke Whittle, Licensed Real Estate Salesperson at Elegran | Forbes Global Properties, who is representing the property. “The sky is quite literally the limit, as the semi-finished rooftop could be turned into a fantastic outdoor space for one to enjoy the calming trees and iconic Empire State views. If it’s more space you desire, you’ll also have the rights to build up an additional 2,000 square feet, doubling the size of the building,” he continued.

Owning an entire building in New York City comes with several advantages, including the freedom from board approvals, HOA fees, and maintenance fees. The listing will be delivered vacant and free market, providing multiple options to maximize its potential. “This townhouse truly offers so many opportunities,” said Luke.

For more information or to schedule a showing, please contact the listing agent, Luke Whittle, at lwhittle@elegran.com, or by calling 954-608-3467.

Michael Rossi founded Elegran in 2008 on the dual premise of motivation and innovation, with a third sustaining principle added over the years: care. Unique in the industry as an independently owned brokerage with agents known as “advisors” and a data-centered approach, the firm has become a key player in the New York brokerage world. Elegran oversaw well over US $500 million in sales volume in 2019, tripled market share in 2020 and sold US $1 billion worth of real estate 2021. Headquartered in the center of Manhattan, Elegran is solely dedicated to serving the incomparable needs of the New York City metropolitan region. For more information about Elegran, please visit www.elegran.com.