The Real Deal New York

Murray Hill rental building trades for $44M

Residential landlord Vito Sacchetti buys 68-unit property at 153 East 32nd Street for $700 psf
By Hiten Samtani | August 27, 2014 09:00AM

Residential landlord Vito Sacchetti paid $43.7 million, or about $700 per square foot, for a 68-unit Murray Hill rental building, The Real Deal has learned.

The 62,188-square-foot property is located at 153 East 32nd Street, between Lexington and Third avenues. All the units at the property, which has a doorman and an elevator, are free market.

Sacchhetti was represented in the deal by Marcus & Millichap’s Peter Von Der Ahe, Joseph Koicim, David Lloyd and Corey Isdaner. The seller, an entity listed as Super Trust, was represented by Rosewood Realty Group’s Aaron Jungreis. Koicim said that Sacchetti recently sold a property in the Bronx, and was looking to undertake a 1031 tax-deferred exchange. Jungreis declined to comment.

The asking price was $52.5 million, or about $844 per square foot. The property’s current net operating income is $1.54 million, according to Marcus & Millichap.

In April, Lloyd Goldman’s BLDG Management paid $126 million for a 191-unit rental complex at nearby 222 East 39th Street.

  • Lizzilique

    no bargain…apartments in desperate need of renovation.

  • Robert Stillman

    Nice post. New York Real Estate is always interesting. Are you looking for Murray Hill apartments? If so, make sure to visit Peter Cooper Village/Stuyvesant Town, aka PCVST. The advantage is it is a development set on 80 mature acres of landscaped spaces between basketball and volleyball courts, an outdoor stage, outdoor market, play area for kids and one for adults and a dedicated hot spot. It is a world within a world. Visit online or offline to learn about fee free units. Good luck finding your next home.