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Developers asking $118M for new 23-story Murray Hill rental building

Invest / Development Finance

United States of America

Jun 23 2017

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Mark Maurer 

Alex and Steven Forkosh’s Forkosh Development Group is putting its newly developed 23-story Murray Hill rental building on the market for $118 million, sources told The Real Deal.

The Forkoshes opened the 105-unit, 128,000-square-foot property at 237 East 34th Street in March.

Rents range from $3,000 for a one-bedroom to $7,000 for a three-bedroom. The property, near Second Avenue, also has a ground-floor commercial space that has not yet been leased.

The developers hired Arber Haxhaj of Ahead Quarters to market the property, known as the Theater House, as either a hold or an eventual conversion to condominiums.

If the deal were to close at $118 million, the price per square foot would come out to roughly $920 per square foot.

The firm bought the site, which previously housed a Yeshiva University lecture hall, from the school for $15.5 million in 2012. The Forkoshes initially considered constructing a dormitory on the lot, but then filed plans for rental apartments in 2014.

Elsewhere in the neighborhood, the LeFrak Organization recently closed on the $118 million purchase of the 37-story, 252-key Affinia-branded Dumont hotel at 150 East 34th Street, where it is planning a residential conversion.

SOURCE: The Real Deal

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