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Lloyd Goldman’s BLDG buys Murray Hill assemblage for $37M
Site on East 38th St. allows for resi building as big as 180K sf
Lloyd Goldman’s BLDG Management picked up a portfolio of three rental walkups for $36.7 million, likely with plans to develop a new apartment building on the site, sources told The Real Deal.
The adjacent properties at 211-215 East 38th Street sit directly next to two buildings already owned by BLDG. The Midtown East-based investment firm will likely raze all five properties and build a residential building with a ground-floor retail component, according to a source familiar with the deal.
The Major family trust was the seller of the three buildings, between Second and Third avenues. The other two buildings are located at 203 and 205-209 East 38th Street.
The five lots have a combined floor area of 17,944 square feet, according to Reonomy, and come with a FAR of 10, meaning the new tower could total 180,000 square feet. No plans have been filed with the department of buildings as of Thursday.
Robert Knakal and John Ciraulo of Cushman & Wakefield brokered the sale. They could not be reached for comment. BLDG did not immediately respond to a request for comment.
BLDG is currently developing a 44-story apartment tower at nearby 212-214 East 44th Street.