ClearRock Properties and Juster Properties, have closed on the purchase of two adjacent Midtown Manhattan properties totaling 101,100 square feet: 9 East 38th Street, a 93,700-square-foot, 12-story block-through office building, and 14 East 39th Street, a 7,400-square-foot commercial townhouse with 22,200 square feet of air rights. Both properties are located between Madison and Fifth Avenues.
ClearRock has launched a $10M capital improvement program to reposition the properties. Dramatic improvements will include a new lobby and upgrades to the façade, storefront, elevators, tenant corridors, restrooms and windows.
A high-end pre-built program and proposed roof deck will be implemented to attract a variety of tenant types. In addition, both properties may benefit from their proximity to the Department of City Planning’s proposed upzoning district.
ClearRock will market the property for the time being and will work with building architect Spector Group Architects on renovations that will infuse a heightened level of sophistication into the building. In addition, Colliers International has been hired as property manager.
“9 East 38th Street has terrific bones and a wonderful location,” said ClearRock Properties Managing Principal Steve Grant. “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.”
The seller was Yeshiva University, which recently acquired the properties from the Gray Block Estate following approximately 50 years of ownership.
ClearRock also partnered with the Carlyle Group to buy anotherYeshiva building at 920 Broadway, a 106,000 s/f Flatiron building.
