12-story elevator apartment building sells for $32.75M

NEW YORK, December 9, 2021 — JLL Capital Markets announced today that it has closed the $32.75 million sale of an 81-unit, 53,865-square-foot elevator apartment building with ground-floor retail at 138 East 38^th St. in New York City.

JLL marketed the building on behalf of the seller, Bi-Coastal Properties. Four Winds, led by David Schneiderman and Joshua Landau, acquired the property, which is located on the southeast corner of East 38^th Street and Lexington Avenue.

The 12-story building features nearly 150 feet of corner frontage along one of the premier residential and retail avenues in Manhattan. The property features 81 residential units consisting of 41 studios, 32 one-bedrooms, four two-bedrooms and four duplex units. Additionally, two ground-floor retail units on Lexington Avenue are currently leased to a dry cleaner and café.

The property is ideally located along the border of the Midtown and Murray Hill neighborhoods within walking distance to a host of area shops, restaurants and entertainment. 138 East 38^th Street is easily accessible via the 4, 5 and 6 trains located a few blocks away at Grand Central Station, as well as the 6 train at the East 33^rd Street and Park Avenue station, providing service throughout Manhattan, Brooklyn, Queens and the Bronx.

The JLL Capital Markets team representing the seller was led by Chairman – NY Investment Sales, Bob Knakal; Vice Chairman Stephen Palmese; Managing Directors Clint Olsen, Jonathan Hageman and Ethan Stanton; Analysts Stephen Godnick and Jacob Russell. Senior Managing Director Kellogg Gaines led the debt advisory.

“138 East 38^th St. is a well-located, elevatored property that is positioned to take advantage of rents continuing to rebound from the pandemic and as value continues to grow in the long term,” Knakal said. “This asset provides a powerful way to participate in the future growth of the city.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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