Multi-family

Large-Scale Multifamily Investment in Midtown East – 230–238 E 44th Street

Address: 230–238 East 44th Street, New York, NY, 10017
Price: $49,000,000 ($298,780/Unit)
Cap Rate: 6.50%
Sale Type: Investment
Type: 2-Star Mid-Rise Apartment Building
Location: CBD (Midtown East)
Units: 164 Residential Units
Average Unit Size: 533 SF
Stories: 14
Gross Building Area (GBA): 135,315 SF
Typical Floor Size: 6,689 SF
Number of Buildings: 1
Building Class: C
Units per Acre: 547/AC
Market Segment: All
Rent Type: Market

Property Overview:

230–238 East 44th Street is a trophy-scale multifamily investment opportunity located in the heart of Midtown East, offering 164 market-rate units in a well-established rental building. Spanning over 135,000 SF, this property is ideal for investors seeking strong in-place cash flow with a 6.5% cap rate, coupled with long-term value in one of Manhattan’s most resilient rental submarkets.

Key Features:

Prime Midtown East Location:

• Centrally located between 2nd and 3rd Avenues, just blocks from Grand Central Terminal, the United Nations, and major office hubs
• Surrounded by government buildings, consulates, medical institutions, and top-tier employers
• Walkable to major amenities, parks, and transit, making it a desirable area for working professionals and international tenants

Well-Positioned, Income-Producing Asset:

• 164 fully market-rate apartments with strong occupancy and rent collections
• Average unit size of 533 SF — ideal for studio and 1-bedroom configurations
• Efficient floor plans and updated interiors contribute to low vacancy and high demand

Investment-Grade Economics:

• Priced at $298,780 per unit, offering value for scale investors
• Current 6.5% cap rate, providing steady cash flow and yield stability
• Potential for further upside via unit upgrades or amenity enhancements

Superior Transit Access:

• Walking distance to Grand Central (4, 5, 6, 7, S trains, Metro-North)
• Easy access to Midtown offices, East Side hospitals, and local universities

Highlights:

✔ 164-unit market-rate apartment building in the heart of Midtown East
✔ $49M acquisition price with a 6.5% in-place cap rate
✔ Ideal for institutional buyers, fund investors, or 1031 exchange
✔ Close to Grand Central, UN Headquarters, and Midtown employers
✔ Strong rental history and consistent tenant demand

Conclusion:

230–238 E 44th Street offers a rare opportunity to acquire a stabilized, cash-flowing multifamily asset at scale in one of NYC’s most enduring rental markets. With strong market-rate tenancy, central location, and solid investment fundamentals, this property is well-positioned for long-term income and capital appreciation.

Contact us today for full financials, unit mix, and to schedule a private walkthrough of this premier Midtown East investment.