Sale of 788 Riverside Dr. illustrates continued demand for premier regulated properties in transitioning market
News release
21 November 2023
JLL closes bellwether Manhattan multi-housing trade
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NEW YORK, Nov 22, 2023– JLL Capital Markets today announced the sale of 788 Riverside Dr., a classic, pre-war, 11-story elevatored apartment building in the Washington Heights neighborhood of Manhattan.
JLL represented the seller, the longtime family owners of the property. The buyer was an unnamed local family office. The sale price was $10.2 million.
The 80,678-square-foot property features 62 apartments, 53 of which are rent stabilized, five are rent controlled and four are free market. Located at the southeast corner of Riverside Drive and West 156th Street, the architecturally distinct property is less than two blocks from the 157th Street Broadway subway station, providing convenient access via the 1 train to midtown Manhattan.
Featuring Hudson River views from multiple lines of apartments, 788 Riverside Dr. is immediately adjacent to the Audubon Terrace complex, a dramatic block-long open space to the east that allows common access to the facilities of Boricua College, the American Academy of Arts and Letters and the Hispanic Society Museum and Library.
With average unit sizes of approximately 1,025 square feet, the property features predominantly two- and three-bedroom units and one six-bedroom, three-bath duplex with its own separate entrance. The property had also undergone substantial recent capital improvements.
The JLL Capital Markets team was led by Managing Directors Paul Smadbeck and Hall Oster.
“The sale of 788 Riverside is a bellwether transaction that demonstrates there is still significant demand for primarily rent-regulated but well-located properties, even in the current market,” said Smadbeck. “While pricing is certainly off from pre-2019 levels, our experience here was reminiscent of that period, when a thoughtful marketing process would produce a solid core of interest with the ultimate purchaser distinguished by the best combination of reputation, wherewithal, price and terms.”
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.