MURRAY HILL PROPERTY SOLD
LOIS WEISS
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Friday, July 13, 2012 -
An investment property at 62-64 East 34th Street between Madison and Park Avenues was sold for $13 million. Brokers Shimon Shkury, Victor Sozio, and Michael A. Tortorici of Ariel Property Advisors represented the seller, a private investment partnership, and the buyer, a private investor attracted to the property because of its current cash flow and future development potential. “This property is one of the last remaining undeveloped sites along this section of East 34th Street and has enormous upside because of its unutilized air rights and current zoning, which would allow for hotel, residential, commercial, or community development,” said Shkury, president of Ariel Property. “After our firm began marketing the site in January, it immediately attracted interest from more than a dozen multifamily and retail developers.” The five-story,18,680 sf elevator building has 43.67 feet of frontage along E. 34th Street, and generates steady, reliable cash flow from three leased retail spaces—two on the ground floor and a third on the second floor, and 13 apartments—ten free market and three rent stabilized. The location has a tremendous amount of foot traffic because it’s situated in the midst of popular hotels and famous restaurants, and is a quick walk from the Empire State Building, Madison Square Garden, Herald Square, and Penn Station. Yeshiva University has a 20-story residence hall on the same block, and a new hotel is being built behind the site.
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