Kips Bay apartment building trades hands for $55M

In a March 3, 2022 article in Crain’s New York Business, reporter Natalie Sachmechi covers the announcement made BEB Capital, the owner of multifamily and commercial properties in the city and on Long Island, has picked up Ivy 30, an 18-story Kips Bay apartment building, for $55 million.

The fully leased building at 312-316 E. 30th St. was purchased from Adam and Aaron Daniels’ A.D. Real Estate Investors, which bought it for $52 million in 2017. The acquisition marks the third time the property has changed hands since 2015, when the Blackstone Group and Fairstead Capital bought it as part of a 24-building multifamily portfolio owned by the Caiola real estate family.

The article quotes BEB CEO Lee Brodsky, who said “We expect the robust growth of the multifamily real estate market to continue this year.”

Read the complete Crain’s New York Business article here: https://www.crainsnewyork.com/residential-real-estate/kips-bay-apartment-building-trades-hands-55-million