Description

- Fully Renovated Four-Family Townhouse | All Fair-Market Rentals
- Pied-à-Terre Tax-Protected Ownership
- Additional Development Potential with Available FAR
- Prime Townhouse Block

Live in the owner's duplex while generating substantial income from three market-rate apartments. The rental units have historically achieved rents approximately 30% higher than many comparable neighborhood properties, creating a rare opportunity to offset ownership costs while enjoying the benefits of townhouse living. Even more appealing, as a four-family income-producing property, ownership is not subject to New York City's new pied-à-terre tax, making it an ideal option for part-time residents seeking a Manhattan home without the additional annual surcharge.

Nestled on a picturesque, tree-lined townhouse block in the heart of Kips Bay, this impeccably renovated four-family townhouse seamlessly blends timeless New York character with modern comfort and exceptional income-producing potential. Just half a block from Trader Joe's and Fairway Market and moments from Midtown Manhattan, the property offers a rare opportunity to own a turnkey asset in one of the city's most convenient and vibrant neighborhoods.

The centerpiece of the building is the expansive owner's garden duplex—a truly special three-bedroom residence featuring approximately 800 square feet of private outdoor space and a custom cedar sauna. Designed for both comfortable living and effortless entertaining, the home's spacious great room is filled with natural light from oversized windows and a skylight, while exposed brick walls and decorative fireplaces add warmth and character. The open-concept kitchen with pass-through seating creates a seamless connection between the living and dining areas.

Upstairs, the tranquil primary suite serves as a private retreat, complete with hardwood floors, a decorative fireplace, and direct access to a large terrace overlooking the beautifully landscaped garden. The spa-inspired ensuite bathroom, highlighted by the cedar sauna, provides a luxurious escape rarely found in Manhattan townhouses. Additional conveniences include an in-unit washer/dryer and abundant storage throughout.

Above the duplex, three full-floor residences each offer approximately 850 square feet of thoughtfully renovated living space. These bright one-bedroom apartments feature soaring 10-foot ceilings, hardwood floors, generous closet space, and oversized north- and south-facing windows that flood the interiors with natural light. Open kitchens provide abundant cabinetry and functionality, while renovated bathrooms feature classic subway tile, contemporary vanities, and glass-enclosed showers. Each apartment is further enhanced by its own washer and dryer.

The top-floor residence is particularly noteworthy, featuring a working fireplace and two oversized skylights that create an airy, loft-like atmosphere. The roof has been structurally reinforced with steel beams and is already equipped with gas, water, and electric connections, presenting an exceptional opportunity to create a spectacular private roof deck with sweeping Manhattan skyline views.

Whether you're seeking a primary residence with substantial rental income, a pied-à-terre with built-in revenue, or a fully renovated investment property in a high-demand rental market, this townhouse delivers unmatched flexibility.

Surrounded by acclaimed restaurants, neighborhood cafés, bookstores, parks, and multiple transportation options, this exceptional townhouse offers the perfect combination of lifestyle, income, and long-term value in one of Manhattan's most desirable residential enclaves.
Listing courtesy of Compass ...
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