The Reel

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A blog for breaking sales and neighborhood real estate news.

Two adjacent, mixed-use buildings at 329 and 331 Lexington Avenue, located on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood, sold in an all cash transaction valued at $5,126,000.

329 Lexington Avenue is a five-story, 23.5’ wide building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately five years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights.

 331 Lexington Avenue is a seven-story, 24’ wide corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights.

Massey Knakal Realty Services, NYC’s #1 building sales firm, was the sole broker in this transaction.

Neighborhoods: Murray Hill/ Agents: John Ciraulo