Bi-Coastal Sells Murray Hill Apartment Building for $33M to Four Winds
By Mark Hallum December 9, 2021 1:18 pm
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Bi-Coastal Properties sold 138 East 38th Street, an 81-unit, 53,865-square-foot elevator apartment building in Murray Hill for $32.8 million, JLL (JLL) announced Thursday.
Development and management firm Four Winds, led by David Schneiderman and Joshua Landau, picked up the 12-story building featuring nearly 150 feet of corner frontage, 41 studios, 32 one-bedrooms, four two-bedrooms and four duplex units. Two ground-floor retail units are currently occupied by a dry cleaner and a cafe.
“138 East 38th Street is a well-located, elevatored property that is positioned to take advantage of rents continuing to rebound from the pandemic and as value continues to grow in the long term,” Bob Knakal, JLL’s chairman of New York investment sales, said in a statement. “This asset provides a powerful way to participate in the future growth of the city.”
In addition to Knakal, the seller was represented by JLL’s Stephen Palmese, Clint Olsen, Jonathan Hageman and Ethan Stanton. It wasn’t immediately clear who represented the buyer.
Bi-Coastal has owned the property since September 1998, according to public records.
Bi-Coastal and Four Winds did not immediately respond to a request for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
