Manhattan, NY According to Friedman Roth, the firm has completed the sale of 30 East 39th St. The subject property is a boutique elevator office building just off Madison Ave. in the Murray Hill neighborhood. The building is 9,900 s/f and sold for $9.9 million ($1,000 per s/f) at an approximate 3.5 cap.
Joseph Smith represented the seller and Richard Guarino a partner at Friedman Roth, represented the purchaser in this transaction.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,