2-family in Kips Bay sells for $4.1M

The entity Kips Bay East 31st Street Holdings LLC paid $4.1 million for the two-unit building (B1) at 217 East 31st Street in Kips Bay, Manhattan. The expected use is owner-occupied.
The deal closed on March 17, 2026 and was recorded on March 23, 2026. The property has 3,332 square feet of built space and 1,712 square feet of additional air rights for a total buildable of 5,037 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,218 and the price per buildable square foot is $806 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on August 12, 2011, for $3 million. The signatories for the sellers were David A. Hicks and Kimberly C. Hicks. The signatory for the buyer Jonathan Rosenbaum was Jonathan Rosenbaum. The contract date was February 6, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Jonathan Rosenbaum had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David A. Hicks had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Hicks, joint owner and Kimberly Hicks, joint owner.

The property

The building with 2 residential units in Kips Bay has 3,332 square feet of built space and 1,712 square feet of additional air rights for a total buildable of 5,037 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 98 feet deep with a total lot size of 1,679 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 17 of the 29 commercial properties representing 139,320 square feet of the 195,569 square feet. The largest owner is New Empire Corp., followed by Elk Investors and then Juan Vallarino Revoccable Trust.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 195,569 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

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