Kips Bay Condo Project Changes Hands as Aurora Takes Unsold Units
Aurora Capital Associates has acquired the unsold portion of a Kips Bay condominium development. The deal covers 55 remaining units and about 3,000 square feet of ground-floor retail in the 65-unit project, which Horizon Group and Leser Group had developed. BKREA’s Bob Knakal represented the sellers, and the transaction’s terms were not disclosed.
Aurora Capital Associates has acquired the remaining inventory at a Kips Bay condominium development. The deal covers 55 apartments that had not yet sold, along with roughly 3,000 square feet of street-level retail space. The building has 65 residences in total.
Horizon Group and Leser Group were the project’s developers. Bob Knakal of BKREA represented the sellers. The purchase price and other transaction terms were not disclosed.
The ownership change may affect prospective buyers, nearby businesses, and the local housing market. Aurora’s control of unsold units could influence pricing, sales pace, and the mix of commercial tenants in the building. For Kips Bay, the deal may signal continued investor interest in partly sold condo projects, though its broader effect on housing supply or affordability remains uncertain.