The Real Deal New York

Ruby Schron nabs Murray Hill rental building for $33M

Property on East 36th Street sold for $755 per square foot

April 08, 2016 01:35PM
By Katherine Clarke

Ruby Schron and 15 East 36th Street

15 East 36th Street in Murray Hill (inset: Rubin Schron)

Ruby Schron’s Cammeby’s International is adding to its vast multifamily portfolio with the purchase of a 55-unit Murray Hill property at 15 East 36th Street.

The old-school real estate mogul shelled out $33 million, or $755 per square foot, for the 43,580-square-foot rental building, which is located less than a block from the Morgan Library & Museum.

The property is also just around the corner from 30 Park Avenue, the 241-unit rental in which Schron reportedly owns a majority stake. Financial District-based Cammeby’s owns about $13 billion in real estate assets across the country, with New York City apartment holdings making up the bulk, according to TRD‘s most recent count.

Peter Von Der Ahe and Joe Koicim

Peter Von Der Ahe and Joe Koicim

Joe Koicim, Peter Von Der Ahe and David Lloyd of Marcus & Millichap brokered the deal on behalf of the seller, a private investor from Maryland operating under the name Montt Company, which had owned the building since the 1970s.

“[Schron] swooped in at the end after another buyer backed out,” Koicim told TRD. “The fact that this sold for a sub-3 percent cap means the market is still very strong for value-add buildings.”

The building contains 34 market-rate units and 21 rent-stabilized units. The average rental rate for the stabilized units is just $1,1774 a month.

A spokesperson for Schron did not immediately respond to a request for comment.