Dealmaker: JLL Closes $388M New York Multifamily Sale
JLL, Chicago, sold a $387.5 million multifamily community with 408 market-rate units and 9,693 square feet of commercial space in Manhattan’s Murray Hill neighborhood.
The property, 685 1st Ave., is part of a larger, six-property, 1,766-unit portfolio that JLL recently marketed.
JLL represented seller Solow Building Co. and procured buyer GO Partners, a joint venture between Josh Gotlib and Meyer Orbach. GO Partners brought in other syndicated private partners and procured bank financing.
Built in 2018, the 43-story, 460-foot-high community has 408 rentals on the lower 27 floors and 148 one- to four-bedroom condominiums on the top 16 floors. The community is located just south of the United Nations headquarters along the East River and offers views of the riverfront as well as access to FDR Drive and numerous subway lines.
JLL Senior Managing Directors Rob Hinckley and Jeff Julien led the investment sales advisory team with Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Director Steve Rutman, Vice President John Taylor, Associate Jon Faxon and Analyst Joy Ryoo.
Hinckley described 685 1st Ave. as a trophy asset that will benefit from fair market rents in a highly supply constrained market. “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,” he said.