Eli Pavel Acquires Mixed-Use Property At 410 East 38th Street For $5.3M From Harooni Family

The property asset involved in this transaction is a mixed-use building located at 410 East 38th Street in the Murray Hill neighborhood of Manhattan. The sale price was $5,300,000, and the property encompasses 9,954 square feet, resulting in a price per square foot of $532. The building is an 84-foot-wide, four-story elevator structure that was delivered fully vacant in gutted shell condition, allowing for extensive redevelopment opportunities.

The deal was facilitated by brokers Craig Waggner, John Ciraulo, and Jack Stephen from Cushman & Wakefield, who represented the transaction. The sale was completed on an all-cash basis with a quick closing. The buyer intends to undertake a comprehensive renovation of the property to reposition it in the market. Additionally, the sellers are engaged in a 1031 exchange.