Three generational NYC multi-housing properties trade for $825M

  JLL Capital Markets announced today that it has closed the approximately $825 million sale of three Upper East Side multi-housing properties totaling 858 units, including One Sutton Place, Two Sutton Place and One East River Place, that are part of a larger five-property portfolio.

JLL exclusively represented the seller, Solow Building Company, and an equity syndication by GO Partners acquired the assets. GO Partners is a partnership between Black Spruce Management and Orbach Affordable Housing.

Sheldon H. Solow, the renowned real estate developer/investor, developed all five properties. They include:

• The 234-unit One Sutton Place at 420 E. 61st St, New York, NY
• The 209-unit Two Sutton Place at 1113 York Ave., New York, NY, which includes 2,000 square feet of commercial space
• The 415-unit One East River Place at 525 E. 72nd St., which includes 27,275 square feet of commercial space

The three properties offer spacious units with an average size of 989 square feet, allowing ample room for families wanting proximity to the Upper East Side’s prestigious schools, as well as young professionals conducting hybrid work-from-home lifestyles. Additionally, the portfolio offers some of the few black glass façade residential buildings within Manhattan.

The 408-unit 685 1st Ave. was the first property to close of the larger portfolio with JLL representing the seller (announced in October), bringing the total portfolio transaction amount thus far to $1.2 billion.  An additional property of the portfolio is currently under contract between the parties.

The JLL 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, Senior Director Steve Rutman, Vice President John Taylor and Associates Jon Faxon and Joy Ryoo.

“The Solow Company was decades ahead in their construction of these assets in terms of quality and amenities.  It will be exciting to see where new ownership will take them into the future,” said Hinckley.

https://rew-online.com/three-generational-nyc-multi-housing-properties-trade-for-825m/