NEW YORK, NY – May 26, 2021 – Ariel Property Advisors has arranged the $3.5 million sale of 597-601 Second Avenue, a three unit mixed-use building on 33rd Street in Kips Bay, Manhattan. The sale was arranged by Howard Raber, Esq., Director, Investment Sales; Sean Kelly, Esq., Senior Director, Investment Sales; and Jack Moran, Associate Director, Investment Sales.

The three-story, 2,700-square foot mixed-use walkup building consists of one retail and two residential units. The retail space is currently leased to Dunkin’ and additional revenue is generated for the owner by a Verizon cell tower on the building.

“This boutique property offered a truly diversified cashflow opportunity for a strategic investor,” said Raber. “The buyer can realize major investment and income potential, being situated on a highly visible corner location with free-market units in one of New York City’s most desirable, 24-hour neighborhoods. As the market continues to recover, income-generating properties like this will be highly attractive to investors.”