June 15, 2020
Marcus & Millichap recently arranged the sale of 34 E 39th St., a mixed office and retail site. The asset sold for $6,000,000.
The transaction was brokered on both sides by the firm’s John J. Stewart and Nicholas Biedron. The seller, Uzi Ruskin, sought to exit New York and reinvest in more business-friendly southern states. The buyer, Dr. Young-Hee Lowe, acquired the building to house her nonprofit foundation, Young-Hee Lowe Foundation, which promotes scholarship and educational opportunities for Korean-American women.
The asset is located in Midtown East, between Madison and Park Avenues. It consists of five stories and 6,872 square feet, including one retail suite, and nine office spaces. The retail tenant is Photo Mission Studios.
“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,” said Stewart.
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