Ronda Rogovin and Adelaide Polsinelli, both Vice Chairs of the newly launched investment sales division at Compass, have been hired to market 116 East 37th Street, an architecturally distinct multifamily building, in the desirable Murray Hill section of Midtown East. The property is currently an income producing residential building containing eight free market apartments with the near-term potential to vacate for user occupancy.
Located between Park and Lexington Avenues, the property is a four and one-half story walk-up building that lies on a lovely tree-lined block. One apartment has exclusive access and use of the private garden and features a working wood-burning fireplace. Two other apartments feature private decks. The building contains ±6,059 square feet, and approximately 1,800 square feet of intact air rights.
“116 East 37th Street is ideally located within close proximity to Grand Central Terminal and the United Nations, and would be ideal for use if converted, to a one or two-family townhouse, or as a mixed-use property to serve as the headquarters for a not-for-profit organization or for a foreign government, or embassy,” noted Rogovin. “Midtown East is a primary destination for New Yorkers, international dignitaries and visitors alike.”
“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,” said Polsinelli.
“A not-for-profit organization that purchases 116 East 37th Street for its own use will also enjoy the additional benefit of not being required to pay real estate taxes, perhaps the highest single expense of operating a building in New York City. This is a major incentive for such an organization to purchase a facility such as this that will serve as its NYC home for many years to come,” said Polsinelli.
The property is well-located, with immediate access to all modes of public transportation and points of entry into and out of Manhattan on the East Side.
Add Comment