JLL Capital Markets has been retained by PR 121 East 37 LLC to exclusively market and sell 121 East 37th Street in New York’s Murray Hill neighborhood. The 9,124-square-foot residential building includes 11 apartments. The owner is asking $10.25 million for the property.
The five-story 121 East 37th Street, located between Park and Lexington Avenues, offers one studio, one two-bedroom unit and nine one-bedroom apartments. The property was constructed in 1920 and underwent an extensive renovation that was completed in 2019. The renovation included high-end condo style finishes, and several of the apartments have private outdoor spaces or mezzanine loft spaces. The building has an elevator, and all of the units have high ceiling heights. The fully free-market property will be delivered vacant.
The apartment building is located in the heart of Manhattan’s office core and is within walking distance of Grand Central Terminal and the United Nations campus. It offers convenient access to the B, D, F, M, N, Q, R, W at Herald Square, as well as the 4, 5, 6, 7 and S at Grand Central, and several bus lines serving Manhattan. Located at the edge of the dynamic Murray Hill neighborhood and Midtown East, 121 East 37th Street is close to some of the city’s best restaurants and nightlife.
The JLL professionals overseeing the sale assignment include Managing Directors Clint Olsen and Brock Emmetsberger and Directors Josh Gruber, Albert Mamiye, Stephen Godnick, Ryan Kossoy and Reed Waggoner. Senior Managing Director Max Herzog will offer financing assistance.
“121 East 37th Street is an excellent turnkey investment opportunity right off of Park Avenue and with quick access to Grand Central,” Emmetsberger said. “It’s rare to find a recently renovated elevatored building of this size with condo-level finishes. The apartment building offers an excellent opportunity for a low maintenance investment or a corporate housing operator looking to plug and play as a furnished rental.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.