124 East 37th Street

About this property

The property is a two family townhouse with a live/work space on the ground floor in the center of Midtown Manhattan located between Park Avenue and Lexington Avenue.

Currently fully leased to Outsite Inc on a NNN lease (tenant pays for rent, insurance, property taxes and all maintenance costs for the property) netting the landlord $254,616 per year of guaranteed income, with 3% escalations annually.

The landlord has the option to terminate the lease in December 2026 to occupy the building.

The tenant Outsite Inc is a leader in international co-living for remote workers who choose to live between 40+ locations around the world.

Located in the center of Manhattan in the historic residential district with charming townhouses, the property is within a short walk from major offices, museums, cultural activities and restaurants in Midtown South, Madison Park, Bryant Park and Grand Central areas.

Within a 15 minutes walk, you can be in Downtown, Hudson Yards, Time Square or Central Park.

Located five blocks North, Grand Central Station offers train access to Long Island, Connecticut and five subway lines.

The townhouse is configured as a two family home with a commercial space on the ground floor offering a rare live + income opportunity for a family to live in the townhouse and rent the penthouse apartment.

As is market rents for the apartments are:

Penthouse apartment: $13,000 per month

Townhouse apartment: $12,000 per month

Ground floor commercial unit: $6,000 per month

The property is fully Free Market with no history of rent stabilization.

Located in a R10 district, the property includes 4,500 sqft of unbuilt air rights.

The building is Tax Class 2A guaranteeing a cap on property tax increases no greater than 8% per year and 30% every 5 years.