A townhouse at 111 East 37th Street, located between Park and Lexington Avenues in Manhattan’s Murray Hill neighborhood, was sold in an all-cash transaction valued at $5,100,000.
The five-story, six-unit building contains approximately 5,580 gross square feet and sits on a 21’ x 98.75’ lot. Built in 1860, this property maintains most of its original detail including robust marble fireplaces, oversized windows, ornate moldings, wood pocket doors with original glass and an elegant wrap around staircase. The ground and parlor floors were occupied by the New York Branch of the American Association of University Women, a nonprofit organization that used the space for their office and meetings. The second floor has two units, a front one-bedroom, and a rear studio with a large deck. The third floor is a floor-through one-bedroom with one and a half baths, and the fourth floor has two one-bedroom units. While the property maintained most of its original detail, it still required extensive renovation. The sale price equates to approximately $914 per square foot.
The building is situated in an R8B zoning district within the Murray Hill Historic District. The land that was Robert Murray’s 18th-century country estate became one of the city’s premier residential districts. Primarily constructed between 1853 and the 1920s, the neighborhood’s buildings consist of row houses built in the Italianate and Second Empire styles with many retaining their original stoop.
“We reduced the asking price from $5,300,000 to $4,950,000, which increased interest. In the end, the buyer stepped up close to the original ask, which is a testament to the strength of the market,” said Massey Knakal’s James P. Nelson, who exclusively represented the seller in this transaction, with John Ciraulo.
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Neighborhoods: Murray Hill/ Agents: John Ciraulo