
Manhattan, NY Alan Stenson, senior director of Brax Realty exclusively represented the seller and also procured the buyer in the sale of 27 East 37th St. in Murray Hill for $6.093 million.
This property is a five-unit elevator building with all free market tenancy.
The 9,000 s/f building is located between Park and Madison Aves. and had tax class 2A protection. This was the first time the property traded hands in many years and was purchased by a local investor.
The building sold for $677 per s/f.
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,