Private Investor Exits NYC Property, Seeks Southern States
GlobeSt.com exclusively learns that a 6,872 SF, Midtown office and retail property has sold in a $6 million transaction.
NEW YORK CITY – Private investor, Uzi Ruskin has sold an office and retail property, located at 34 E. 39th St. in New York City, in a $6 million transaction.
Looking to exit the New York market, to reinvest in more business-friendly southern states, Ruskin sold the asset to private investor, Dr. Young-Hee Lowe.
Located in the Midtown East neighborhood of Manhattan, between Madison Ave. and Park Ave., the five-story property encompasses 6,872 square feet. The building features one retail suite and nine office spaces. The retail space is currently tenanted by Photo Mission Studios.
Lowe purchased the building with plans to house her non-profit foundation, Young-Hee Lowe Foundation, which promotes scholarship and educational opportunities for Korean-American women.
Marcus & Millichap’s John J. Steward and Nicholas Biedron brokered both sides of the transaction.
“We had been speaking to Dr. Lowe for over a decade, so we knew the asset type she was seeking,” Marcus & Millichap’s sales team, shared. “Having recently handled the building sale next door, we were immediately able to connect buyer and seller.”
Regarding the scope of the transaction, Stewart said, “While transactional velocity has slowed in the last three months, there are still transactions being closed at fair pricing when sellers and buyers are appropriately motivated.”