25 East 38th Street

JLL has been retained on an exclusive basis to arrange for the sale of 25 East 38th Street (“The Property”), a ~21’ wide, five-story walk-up building located on the north side of East 38th Street between Park and Madison Avenues in the Murray Hill neighborhood of Manhattan. Comprised of 6,460 gross sf above grade, the ten (10) apartments feature efficient layouts with a mix of one (1) studio and nine (9) one-bedrooms. Several of the one-bedrooms feature amenities such as a garden, loft, and/or terrace space, adding further value to these units.

The building is currently 100% free market, and each of the units is renting slightly below market. The studio unit is renting for $2,625/month and the one-bedrooms without amenity space are renting for an average of $3,316/month. The one-bedrooms with amenity space are renting between $3,550/month and $4,125/month. While the units are clean and well-maintained, there is value-add potential that can be achieved through light renovation of the apartment finishes and appliances. Furthermore, the Murray Hill / Midtown East submarkets remain undervalued from a rental perspective when compared to competing rental markets. Of the14 Manhattan submarkets surveyed by M.N.S. in April 2025, these submarkets rank 10th and 11th respectively in terms of average rent for non doorman 1-bedroom apartments. As rents continue to rise in other submarkets it will push tenants towards submarkets with lower entry rents.