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Midtown East Offices Will Become New HQ for Nonprofit

Marcus & Millichap recently arranged the sale of 34 E 39th St., a mixed office and retail site. The asset sold for $6,000,000.

The transaction was brokered on both sides by the firm’s John J. Stewart and Nicholas Biedron. The seller, Uzi Ruskin, sought to exit New York and reinvest in more business-friendly southern states. The buyer, Dr. Young-Hee Lowe, acquired the building to house her nonprofit foundation, Young-Hee Lowe Foundation, which promotes scholarship and educational opportunities for Korean-American women.

The asset is located in Midtown East, between Madison and Park Avenues. It consists of five stories and 6,872 square feet, including one retail suite, and nine office spaces. The retail tenant is Photo Mission Studios.

“While transactional velocity has slowed in the last three months, there are still transactions being closed at fair pricing when sellers and buyers are appropriately motivated,” said Stewart.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition