Developer of new Murray Hill rental building to sell it for $110M

Gilardian family in contract to buy 237 East 34th Street

New York /
Aug.August 09, 2017 01:50 PM

UPDATED, Aug. 9, 3:05 p.m.: Less than six months after opening its new 23-story Rental Building On East 34th Street, Forkosh Development Group is in contract to sell it to the Gilardian family for $110 million, sources told The Real Deal.

Forkosh TRData LogoTINY wrapped construction on the 105-unit, 126,000-square-foot property at 237 East 34th Street in Murray Hill in March, and, by June, began looking to sell. The property was put up for sale shortly after construction wrapped up, and a buyer was found in a matter of weeks.

The deal, slated to close in the next few weeks, would come out to a price per square foot of about $860.

The Gilardian family, which runs the Gilar Group and controls the entity Gilar Realty LLC, plans to keep the property as rentals, although it was marketed as a potential conversion to condominiums down the road.

Meridian Capital Group’s Lipa Lieberman, David Schechtman and Abie Kassin are brokering the deal, sources said.

The brokers declined to comment, and neither the buyer nor the seller could be immediately reached.

The building, known as the Theater House, has asking rents ranging from $3,000 for a one-bedroom to $7,000 for a three-bedrooms. Nearly every apartment features a balcony.

Forkosh acquired the site, which formerly housed a Yeshiva University lecture hall, from the school for $15.5 million in 2012. The developer at first considered building a dormitory on the lot, but ultimately filed plans for rental apartments in 2014.

The Gilardians are a sporadic acquirer of Manhattan rental buildings and is perhaps best known for buying the Cafeteria building in Chelsea for $35.6 million in 2014.

While the city’s multifamily investment sales market is in a slump, a handful of newly developed rental buildings have had luck finding buyers. Gili Haberberg’s Arkar bought a new 13-story Lower East Side building for $61.5 million in July and the Brodsky Organization picked up a stake in an affordable-housing tower at the City Point megaproject in Downtown Brooklyn last week.

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


Related Articles

arrow_forward_ios
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
Silverstein Properties' Larry Silverstein and Phase I of the Denizen Bushwick at 54 Noll Street (Getty, Google Maps/Illustration by Kevin Rebong for The Real Deal)
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein offers to buy half of All Year’s Bushwick rental complex
HSBC COO John Hinshaw (Getty, iStock)
HSBC to shrink its office footprint amid shift to WFH
HSBC to shrink its office footprint amid shift to WFH
SL Green CEO Marc Holliday, 625 Madison Avenue and Ashkenazy Acquisition CEO Ben Ashkenazy (Photos via SL Green, Google Maps/Illustration by Kevin Rebong for The Real Deal)
SL Green, Ben Ashkenazy duke it out over Madison Avenue office
SL Green, Ben Ashkenazy duke it out over Madison Avenue office
Heritage Equity Partners' Toby Moskovits and the Williamsburg Hotel at 96 Wythe Avenue (Moskovits via Sasha Maslov; Hotel via Williamsburg Hotel)
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Softbank CEO Masayoshi Son and Adam Neumann (Getty/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann, SoftBank near settlement agreement
Adam Neumann, SoftBank near settlement agreement
arrow_forward_ios

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

Loading...