JLL arranges $387.5M sale of New York City multi-housing community

Rhea-AI Summary

JLL's Capital Markets group has successfully finalized the sale of a multi-housing community for $387.5 million. The property, located at 685 1st Ave. in Manhattan's Murray Hill, includes 408 market-rate units and 9,693 square feet of commercial space. Representing the seller, Solow Building Company, JLL procured the buyer, GO Partners, a joint venture led by Josh Gotlib and Meyer Orbach. Built in 2018, the 43-story building offers various amenities and is strategically situated near the United Nations Headquarters.

Positive

• Successfully closed $387.5 million sale, indicating strong investor interest in NYC real estate.
• Property includes 408 market-rate units and 9,693 sq ft of commercial space, enhancing revenue potential.
• Strategically located in a high-demand area near the United Nations, likely to appreciate in value.

Negative

• None.

The property features 408 multi-housing units and 9,693 square feet of commercial space located at 685 1^st Ave. in Murray Hill

NEW YORK, Oct. 6, 2022 /PRNewswire/ -- JLL's Capital Markets group announced today that it has closed the sale of a $387.5 million multi-housing community comprised of 408 market-rate units and 9,693 square feet of commercial space located at 685 1^st Ave. in the Murray Hill neighborhood of Manhattan. 685 1st Ave. is part of a larger, six-property, 1,766-unit portfolio that JLL recently marketed.

JLL exclusively represented the seller, Solow Building Company, and procured the buyer, GO Partners, a joint venture between Josh Gotlib and Meyer Orbach. GO Partners additionally brought in other syndicated private partners and procured financing from a relationship bank.

Built in 2018, the 43-story, 460-foot-high community consists of 408 rentals on the lower 27 floors and 148 one- to four-bedroom condominiums on the top 16 floors. Community amenities include a fitness center, swimming pool, co-working lounge, media room, valet parking, cold storage and a children's playroom.

Situated in Murray Hill, the community is located just south of the United Nations Headquarters along the East River. The building offers expansive views of New York City and the riverfront, as well as convenient access to FDR Dr. and numerous subway lines.

JLL's Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Rob Hinckley and Jeff Julien, Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Director Steve Rutman, Vice President John Taylor, Associate Jon Faxon and Analyst Joy Ryoo.

"685 1^st Ave. is a truly best-in-class trophy asset that will benefit from fair market rents in a highly supply constrained market," said Hinckley. "Its proximity to both the Class A office surrounding Grand Central Terminal and the water promenade along the East River make it an ideal location for a long-term hold."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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Contact: Jenna Sharp, JLL Associate, Public Relations
Phone: +1 214 394 3356
Email: Jenna.Sharp@am.jll.com

 

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SOURCE JLL

FAQ

What is the value of the property sold by JLL?

The property was sold for $387.5 million.

Where is the multi-housing community located?

It is located at 685 1st Ave. in Manhattan's Murray Hill.

How many units does the property have?

The property features 408 market-rate units.

Who was the buyer of the multi-housing community?

The buyer is GO Partners, a joint venture led by Josh Gotlib and Meyer Orbach.

When was the property built?

The property was built in 2018.