Asking Price
Area Size
NOI Net Operating Income N/A
NIY N/A
Asking Price
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area Gross
Land Area Gross ()

Asset Description

JLL has been retained on an exclusive basis to arrange for the sale of 138 East 38th Street (the “Property). The 12-story, 53,865 gross square foot elevatored apartment building is located on the southeast corner of East 38th Street and Lexington Avenue, featuring nearly 150’ of corner frontage along one of the premier avenues in Manhattan.

Investment Highlights

The Property features 81 residential units, 75 free market (93%) and 6 rent stabilized (7%). The unit mix consists of 41 studios, 32 one-bedrooms, 4 two bedrooms and 4 duplex units. On average the free market units are achieving just $55 per square foot, which is approximately 30% below market levels. Immediate value-add enhancements include upgrades to the lobby and common area modernization. Additionally, there are 2 ground floor retail units located along Lexington Avenue currently leased to a dry cleaner and café.

Last Updated Date: 30 Sep 2021

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Last Updated Date: 30 Sep 2021

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