-- Asking price of $7.9 million for five-story, eight-unit townhouse at 116 East 37th St. –
Eastern Consolidated has been retained as the exclusive agent to market a five-story, eight-unit townhouse at 116 East 37th Street in the heart of the Murray Hill Historic District. The asking price is $7.9 million for the 6,059-square-foot multifamily building.
Exclusive broker Martin Ezratty, Senior Director, is handling the assignment. Scott Ellard, Vice President,Financial Services, is the analyst for the offering.
“A prospective buyer has the benefit of strong in-place cash flow from the existing tenants as well as the potential to reposition the property for other uses,” Ezratty said. “The recent adoption of the Greater East Midtown zoning initiative stretches north from 39th Street and is set to spur tremendous development in the area for years to come.”
Of the eight fully occupied free market units, six are one-bedroom apartments on floors three through five. A two-bedroom, two-bath floor-through apartment on the ground floor has central air and exclusive use of the rear garden, and a two-bedroom floor-through on the second floor features very high ceilings and a private terrace.
Ezratty said the building would be ideal for an owner-user such as a doctor, lawyer, therapist, or engineer seeking a professional office and either a personal residence upstairs or additional income from the rental units. Other uses could include converting the property to a one to two-family townhouse, or a mixed-use building serving as the headquarters of a not-for-profit organization or foreign consulate or embassy.
The property is near Grand Central Terminal, the United Nations complex and all of the important landmarks, residential neighborhoods, restaurants, and retail locations that make Midtown East a primary destination for New Yorkers, international dignitaries, and visitors alike.
Under current regulations, the property’s zoning designation allows for additional zoning floor area of up to approximately 1,800 square feet for potential future expansion of the building. Any redevelopment would be subject to Landmarks Preservation Commission review and approvals as well as the approval of the Building Department and other agencies, however, the potential for future additional space in this extremely central Midtown Manhattan location adds a component of value to the 116 East 37th Street asset.
Recently, the City Planning Commission voted unanimously to approve the East Midtown Rezoning, which is expected to pave the way for 6.8 million square feet of new office and retail in the area just to the north of the Property. This rezoning will attract tremendous investment resulting in new development that will further solidify Midtown Manhattan’s standing as one of the pre-eminent mixed-use districts in the world.
Eastern Consolidated
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
