117 East 39th Street New York, NY
117 East 39th Street New York, NY
Park and Lexington Avenue
Murray Hill
Murray Hill
MURRAY HILL I 7 APARTMENTS & 1 OFFICE I DELIVERED VACANT I 100% FREE MARKET
| Type | Mixed-Use |
|---|---|
| Neighborhood | Murray Hill |
| Properties | One Property |
| Zoning Code | R8B |
| Size | 5,120 GSF |
| Stories | 4 Stories |
| Units | 7 Apartments and 1 Office Space |
Investment Highlights:
DELIVERED VA CANT & 100% FREE MARKET
- The building will be delivered vacant and is 100% free market. This is a very attractive feature considering the strict regulations enforced by the HSPT A rent laws in June 2019.
VALUE-ADD OPPORTUNITY & SINGLE-FAMILY CONVERSION
- The building is well maintained but hasn’t been renovated in 20+ years. Each unit includes ordinary appliances, hardwood floors, and standard light fixtures. Rents for renovated free market units in Murray Hill ranges between $85-$100 per square foot. Additionally, the average rent for retail is approximately $100 per square foot. All things considered; this presents a viable and attractive valueadd opportunity to generate substantial cash flow through a superior renovation program or a singlefamily townhome conversion for an end user.
LOCATION
- 117 East 39th Street is located on the north side of 39th Street between Park and Lexington Avenue – the heart of Murray Hill. The building is two blocks south of Grand Central Station, of which boasts strong foot traffic from more than 750,000 daily commuters. Additionally, the access to transit is unparalleled from any other part of the city ranging from local subway lines, the LIRR, and the Metro North. The neighborhood is filled with long-time restaurants such as Park Avenue Tavern, tenured medical practices, and luxury franchise hotels.
TRANSPORTATION
- The property is conveniently located near many train lines [ 4,5,6, 7 and S subways], the Long Island Railroad, and Metro-North Railroad on 42nd Street – Grand Central Terminal.
