14-16 East 39th Street

New York, NY

Project summary

Partner: Juster Properties

New York, NY

Total SF: 65,000


Juster Properties


  • Office/Development site
  • 101,000 SF (Original buildings)
  • 65,000 SF (Development site)


February 2013 – February 2016


  • 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 / 

  • 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