14-16 East 39th Street
New York, NY
Project summary
Partner: Juster Properties
New York, NY
Total SF: 65,000
Partner
Juster Properties
Property
- Office/Development site
- 101,000 SF (Original buildings)
- 65,000 SF (Development site)
Timing
February 2013 – February 2016
Opportunity
- Three-story office building with 25’ of frontage on 39th
- Part of 9 E. 38thSt., a panhandle block through parcel
- 25,000 SF of existing air rights
- Well-located near Bryant Park, Grand Central and Herald Square
Value Add / Execution
- Subdivided the 25’ wide wing of the 38thSt. building – creating 16 E. 39th
- Executed a tax lot split with 9 E 38thSt., walling off the south side of the building
- Combined north half of 9 E. 38thSt. with 14 E. 39thSt. to create a 50’ wide development site: 14-16 E. 39th
- Completed nine leases (buyouts, & relocations) to clear the space
- In 2016, the development site and air rights were sold to a Hotel Developer for 3.75x of the original project basis