New York, NY – A three-building package of Murray Hill apartment buildings at 216 and 218 East 36th Street just traded exclusively through Eastern Consolidated for $5.6 million. The package was brought to market for the first
Eastern Consolidated Senior Director Adelaide Polsinelli with Senior Financial Analyst Paul N. Nigido acted on behalf of the seller, Zareno Limited Partnership, in the sale of the properties, which together comprise over 12,000 square feet. Totaling 20 rental apartments, of which 14 are rent stabilized, the portfolio garnered significant attention from investors. The package is located on the south side of East 36th Street between Second and Third Avenues, only steps away from four major subway lines along Lexington Avenue, the Queens Midtown Tunnel, the FDR Drive and Midtown South’s prime office district further west.
According to Ms. Polsinelli, “The buildings present a great repositioning opportunity for several reasons. For one, since all of the apartments are rented at well below market rates, there is automatic built-in financial upside. Even more noteworthy, with the availability of 7,545 square feet of intact and usable air rights, building up or even doing a residential assemblage could add significant value to the asset.”
Interestingly, a fig tree, a symbol of knowledge in the Bible and reputed to bring good luck, grows on the property and actually played a significant role in its sale. “The buyer was also attracted to the offering because of the significance of a fig tree, the third tree mentioned in the Torah,” explained Ms. Polsinelli who added that “the fig tree, which traditionally signifies that land is fertile, is revered in many cultures, especially among Italians who plant them for prosperity.”
The seller’s family planted the fig tree along with an apple tree and also raised chickens in the backyard, which provided not only housing for the residents but also a hearty breakfast every day!
Located in Murray Hill, hovering on the border of Kips Bay, 216 and 218 East 36th Street is situated in walking distance to the United Nations International School, NYU Medical Center and St. Vartan Park along with the many vibrant shops and restaurants dotted along Second and Third Avenues just north of 34th Street.
Attorneys in the transaction were Ira Nesenoff Esq. of Miltenburg & Nesenoff, Arthur J. Israel Esq. and Charles David Golin Esq.
Eastern Consolidated
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.