Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 34 E 39th Street, a mixed office and retail site, according to John Krueger, Regional Manager of the firm’s Manhattan Office. The asset sold for $6,000,000.
The transaction was brokered on both sides by John J. Stewart and Nicholas Biedron, also of the Marcus & Millichap/s Manhattan office. The seller, Uzi Ruskin, is a private investor who was looking to exit New York and reinvest in more business-friendly southern states. The buyer, Dr. Young-Hee Lowe, is another private investor, who acquired the building to house her non-profit foundation, Young-Hee Lowe Foundation, which promotes scholarship and educational opportunities for Korean-American women. Regarding the buyer, the team shared: “We had been speaking to Dr. Lowe for over a decade so we knew the asset type she was seeking. Having recently handled the building sale next door, we were immediately able to connect buyer and seller.”
The asset is located in Midtown East, between Madison and Park Avenues. It consists of five stories and 6,872 square feet, including one retail suite, and nine office spaces. The retail tenant is Photo Mission Studios
In reference to the scope of the transaction, Stewart said, “While transactional velocity has slowed in the last three months, there are still transactions being closed at fair pricing when sellers and buyers are appropriately motivated.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
