United States of America
Jun 23 2017Add to Favorites
Alex and Steven Forkosh’s Forkosh Development Group is putting its newly developed 23-story Murray Hill rental building on the market for $118 million, sources told The Real Deal.
The Forkoshes opened the 105-unit, 128,000-square-foot property at 237 East 34th Street in March.
Rents range from $3,000 for a one-bedroom to $7,000 for a three-bedroom. The property, near Second Avenue, also has a ground-floor commercial space that has not yet been leased.
The developers hired Arber Haxhaj of Ahead Quarters to market the property, known as the Theater House, as either a hold or an eventual conversion to condominiums.
If the deal were to close at $118 million, the price per square foot would come out to roughly $920 per square foot.
The firm bought the site, which previously housed a Yeshiva University lecture hall, from the school for $15.5 million in 2012. The Forkoshes initially considered constructing a dormitory on the lot, but then filed plans for rental apartments in 2014.
Elsewhere in the neighborhood, the LeFrak Organization recently closed on the $118 million purchase of the 37-story, 252-key Affinia-branded Dumont hotel at 150 East 34th Street, where it is planning a residential conversion.
SOURCE: The Real Deal
Segmenting the population by generation is part of popular culture. The generation that came of age in the 1970s is very different to that of the 1980s or 2000s, having grown up with different technology, political and social events.
When the market gets difficult as it is currently it makes you step back and re-assess. Whilst you can do all of the objective commercial assessment in the world, key drivers are ultimately emotional and psychological. Fundamentally it is your "why" that governs your "how". The strength of these emotional and psychological drivers is what gives you the ware withal and grit to know when to hold, fold, walk away or run.
A few years ago I watched an ESPN documentary on NBA and NFL players and this phenomenon how when their careers are up after their moment in the sun, most, 60% and 78% respectively, end up financially destitute. When you think about the fact that most of these professional athletes earn more in just a year of their career than what most of us will earn via our working jobs in a lifetime, yet end up with nothing, it is really a really interesting phenomenon. On the other hand, there is the story of the UPS worker who never earned more than $14,000 a year and invested consistently, amassing a fortune of $70 million over his lifetime, $36m of which he donated to education-based charities to support young people getting a quality education.
Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.SIGN UP HERE >