BKREA Arranges $55.7 Million Bulk Condominium Sale at 609 Second Avenue in Kips Bay NYC

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BKREA arranged the $55.7 million bulk sale of newly built condominium inventory at 609 Second Avenue, an 18-story mixed-use condominium building in Manhattan’s Kips Bay neighborhood. Aurora Capital acquired 43,858 square feet of condominium inventory from The Leser Group at approximately $1,270 per square foot. BKREA brokers Nick Tuleu and Jas Saini represented the transaction, highlighting the firm’s expertise in facilitating significant investment sales and complex condominium dispositions.

Key Takeaways

• $55.7 Million Transaction
  The bulk condominium sale demonstrates investor interest in newly built residential inventory in Manhattan.
• 43,858 Square Feet Acquired
  Aurora Capital purchased a substantial block of newly built condominium units, providing an opportunity to acquire residential inventory in a single transaction.
• Strategic Kips Bay Location
  Located between East 33rd and East 34th Streets, the property benefits from access to NYU Langone Health, the United Nations, public transportation, and the East 34th Street NYC Ferry landing.
• Modern 18-Story Mixed-Use Building
  Completed in 2024, the building includes 65 residences and ground-floor commercial space, along with amenities such as a fitness center, residents’ lounge, indoor half basketball court, landscaped courtyard, and rooftop terrace.
• Experienced Buyer and Seller Representation
  Aurora Capital acquired the condominium inventory from The Leser Group, with BKREA’s Nick Tuleu and Jas Saini facilitating the transaction.

Why This Transaction Matters

The sale of 609 Second Avenue highlights the role of bulk condominium transactions in New York City’s residential investment market. By acquiring a significant portion of newly built condominium inventory in one transaction, Aurora Capital gained a substantial residential asset in an established Manhattan neighborhood, while The Leser Group completed a bulk disposition. The transaction underscores the importance of understanding residential sellout potential, property fundamentals, and investor objectives when executing complex real estate sales.

Transaction Highlights

• Property: 609 Second Avenue
• Neighborhood: Kips Bay, Manhattan, NYC
• Sale Price: $55.7 million
• Condominium Inventory Acquired: 43,858 square feet
• Reported Price per Square Foot: Approximately $1,270
• Property Type: Bulk condominium sale within an 18-story mixed-use building
• Buyer: Aurora Capital
• Seller: The Leser Group
• BKREA Brokers: Nick Tuleu and Jas Saini
• Building Completion: 2024

Frequently Asked Questions

What was the sale price of 609 Second Avenue?
The bulk condominium sale was valued at $55.7 million.

Who purchased the condominium inventory?
Aurora Capital acquired the inventory from The Leser Group.

How much space was included in the transaction?
The transaction involved 43,858 square feet of newly built condominium inventory.

Who represented the transaction?
BKREA brokers Nick Tuleu and Jas Saini represented the transaction.

Where is 609 Second Avenue located?
The property is in Manhattan’s Kips Bay neighborhood, between East 33rd and East 34th Streets.

What does the transaction demonstrate?
The sale highlights demand for well-located, newly built condominium inventory and BKREA’s ability to facilitate substantial investment sales transactions in New York City.

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