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

105-unit property opened in March on old Yeshiva lecture hall site

TRD New York /
Jun.June 22, 2017 02:10 PM

Forkosh Development Group, led by Alex Forkosh, 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 TRData LogoTINY 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.

(To view more commercial sales transactions in Murray Hill, click here)


Related Articles

arrow_forward_ios
A federal judge issued an injunction allowing TikTok to remain in app stores. The company recently signed a major office lease at One Five One in New York (Getty; iStock; Google Maps)

TikTok, savior of NYC’s office market, not yet banned in US

TikTok, savior of NYC’s office market, not yet banned in US
The pandemic is leading to huge losses in value for hotels, malls and other commercial properties (iStock)

Troubled commercial properties see values fall 27%: report

Troubled commercial properties see values fall 27%: report
Facebook CEO Mark Zuckerberg, a rendering of the Farley Post Office building redevelopment and Vornado's Steve Roth (Credit: Getty Images, VNO)

Facebook snagged $100M discount on Farley Post Office deal

Facebook snagged $100M discount on Farley Post Office deal
Blackstone's Frank Cohen and Amazon CEO Jeff Bezos with the HQ2 site (Getty; Blackstone; Google Maps)

Amazon grows HQ2 site near DC with hotel buy

Amazon grows HQ2 site near DC with hotel buy
Rendering of the Tokyo Tokiwabashi project (Courtesy of Mitsubishi)

Mitsubishi unveils design for Japan’s tallest skyscraper

Mitsubishi unveils design for Japan’s tallest skyscraper
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...