Located in the heart of New York City’s Central Business District (CBD), 114 E 37th Street presents a lucrative investment opportunity for buyers seeking a 3-star garden apartment complex with a mix of market and affordable units. The property is priced at $7,495,000, equating to $749,500 per unit, making it a competitive offering in its category.
Property Highlights
- Sale Price: $7,495,000
- Units: 10
- Gross Building Area (GBA): 6,300 SF
- Typical Floor Size: 1,260 SF
- Stories: 5
- Building Class: B
- Market Segment: All
- Affordable Units: 1 (Rent Stabilized)
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Key Features
- Prime Location: Situated in a central area, the property enjoys proximity to major transportation hubs, retail establishments, and corporate offices, enhancing its appeal for tenants and investors alike.
- Mixed Rent Type: The blend of market-rate and rent-stabilized units provides a balanced investment opportunity, offering stable income potential with room for growth.
- Efficient Layout: With 1,260 square feet per floor across five stories, the property offers well-structured units suitable for a range of tenants.
- Solid Construction: As a Class B building, the structure is in good condition and represents a mid-tier, well-maintained property requiring standard upkeep.
Potential
This investment is ideal for buyers looking to capitalize on New York’s dynamic rental market. The inclusion of an affordable unit ensures compliance with rent stabilization laws, while market-rate units provide the potential for high returns in a sought-after neighborhood.
Conclusion
114 E 37th Street is a versatile and stable investment option with strong rental appeal, balancing affordability and market-rate opportunities. It is a promising addition to any real estate portfolio, especially for those focused on long-term asset appreciation in the NYC market.
