Eastern Consolidated Sells Murray Hill Package with Special Tree
By Al Barbarino September 17, 2013 7:30 am
reprintsEastern Consolidated has arranged the $5.6 million sale of a three-building residential package in Murray Hill with a symbolic fig tree in its rear yard.
The buildings at 216 and 218 East 36th Street, comprising more than 12,000 square feet, were brought to market for the first time in nearly five decades, The Commercial Observer has learned.
“The buildings present a great repositioning opportunity,” said Eastern Consolidated’s Adelaide Polsinelli, who represented seller Zareno Limited Partnership with Paul Nigido. “Since the apartments are rented at well-below-market rates, there is automatic built-in financial upside.”
Of the 20 rental apartments, 14 are rent stabilized, and Ms. Polsinelli noted the availability of 7,545 square feet of additional air rights.
“Building up or even doing a residential assemblage could add significant value to the asset,” she said.
The seller’s family planted a fig tree and an apple tree in the backyard decades ago, where they also raised chickens. The fig tree, a symbol of knowledge in some cultures, is reputed to bring good luck, Ms. Polsinelli said.
“The buyer was also attracted to the offering because of the significance of a fig tree,” she said, noting that it traditionally signifies that “land is fertile.”
“Buyers are drawn to properties that have a nice story,” she said. “The fig tree showed that it was owned by a family that really cared about their property. It spoke to the fact that they were a generous, caring immigrant family that made this into a real home.”
The properties, located on the south side of East 36th Street, between Second and Third Avenues, are near four major subway lines along Lexington Avenue, the Queens Midtown Tunnel, FDR Drive and Midtown South’s prime office district further west. It is also within walking distance of the United Nations International School, NYU Medical Center and St. Vartan Park.
