$77.5 Million Non-Performing Office Loan
US - Washington, DC
$77,500,000 | 306,859 sf
JLL has been retained on an exclusive basis to arrange for the sale of 9 East 38th Street (“The Property”), an incredible 12-story commercial office building located on the north side of East 38th Street between 5th and Madison Avenue in Midtown South. Built in 1924, the 63,659 sf building is situated mid-block on a 4,630 sf lot in one of the most desirable commercial districts in Manhattan. The building will be delivered partially vacant allowing for a user to immediately occupy the space and take advantage of the rights of ownership. Furthermore, given the existing tenancy and stable in-place cash flow, the asset presents an opportunity for an investor to lease up the 6 vacant floors and capitalize on the reviving office market.
Delivered Partially Vacant
6 of the 12 floors will be delivered vacant, allowing for a user to immediately occupy the space and benefit from the rights of ownership
Stable In-Place Cash Flow
The existing office tenants, including HSBC and Maxwell-Kates, generate a consistent stream of income providing a potential investor the flexibility to lease up the remaining vacant floors
Substantial Capital Expenditures
The building has recently received numerous capital improvements, further enhancing the quality of the Property.
The Property is situated in the most high-profile business district in the world, which attracts Fortune 500 companies from numerous industries
Unparalleled Access Throughout Manhattan
9 East 38th Street has convenient access to several major transportation hubs including Grand Central Station and 34th St. - Herald Square. 6