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JLL has been retained on an exclusive basis to arrange for the sale of 138 East 38th Street (the “Property). The 12-story, 53,865 gross square foot elevatored apartment building is located on the southeast corner of East 38th Street and Lexington Avenue, featuring nearly 150’ of corner frontage along one of the premier avenues in Manhattan.
The Property features 81 residential units, 75 free market (93%) and 6 rent stabilized (7%). The unit mix consists of 41 studios, 32 one-bedrooms, 4 two bedrooms and 4 duplex units. On average the free market units are achieving just $55 per square foot, which is approximately 30% below market levels. Immediate value-add enhancements include upgrades to the lobby and common area modernization. Additionally, there are 2 ground floor retail units located along Lexington Avenue currently leased to a dry cleaner and café.