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A blog for breaking sales and neighborhood real estate news.

A townhouse at 131 East 38th Street, located between Lexington and Third Avenues in the heart of Manhattan’s Murray Hill neighborhood, was sold in an all cash transaction valued at $2,820,000.

The five-story property is approximately 3,759 square feet and sits on a 19’x 98.75’ lot.  The property was home to a law office who occupied the property for over 32 years. Certain ornate residential features are still intact, but the buyer is planning a gut renovation, setting up a dental office on the ground floor and residence above. The sale price equates to approximately $750 per square foot. The air-rights were sold in a previous transaction.

“We are seeing an uptick in the Murray Hill townhouse market over the last year, out pacing transaction volume on an annual basis since 2006. Since the third quarter of 2010, values have nearly returned to a level that we saw prior to September 2008. The marketing process takes a little longer these days but there are still plenty of buyers out there,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction along with Director of Sales Michael A. Azarian.

Click here for press release

Neighborhoods: Murray Hill/ Agents: John Ciraulo