Yeshiva University’s selling spree continues with the announcement that ClearRock Properties and Juster Properties have purchased two of the school’s Midtown Manhattan office properties for $29 million and plan to redevelop them.
One is a 93,700-square-foot, 12-story block-through office building at 9 East 38th Street; and the other is a 7,400-square-foot commercial townhouse at 14 East 39th Street with 22,200 square feet of air rights.
ClearRock announced that it has launched a $10 milion capital improvement program to reposition the properties with the help of architectural firm Spector Group, which will create new lobbies and upgrade façade, storefront, elevators, tenant corridors, restrooms and windows. A “high-end pre-built program” will be implemented and a roof deck is also being considered.
“The redevelopment will add substantial value to the property, and give companies wanting to be near Grand Central a polished, boutique option at reasonable pricing,” said ClearRock Properties Managing Principal Steve Grant, in a statement. Read More