JLL sells Upper West Side elevator building for $15.5M

NEW YORK, March 30, 2022 — JLL Capital Markets announced today the $15.5 million sale of 2647-2649 Broadway, a seven-story, mixed-use elevator building on the west side of Broadway, between West 100th & West 101st streets, in Manhattan Valley.

JLL represented the seller, who has owned and operated the property for the past 35 years. The Capital Markets team leading the transaction was comprised of Managing Director Hall Oster, Vice President Teddy Galligan and Associate Braedon Gait. Aulder Capital, a New York-based investment management firm, was the buyer.

2647-2649 Broadway consists of two ground-floor retail spaces and 27 apartments. The apartments feature spacious layouts with ample light and air streaming from all sides of the building. The retail component is comprised of approximately 4,250 square feet on the ground level and a portion of the basement space.

Situated within the lively Bloomingdale portion of the Upper West Side, the property is serviced by the 1, 2 and 3 subway lines and within walking distance of both Central Park and Riverside Park. It is surrounded by national and local retailers, seasonal farmers markets, cafes, restaurants, arts and cultural institutions.

“2647-2649 Broadway is a great building offering a number of value-add opportunities,” said Oster. “Large unit configurations and a strong retail scene support a repositioning to capitalize on the post-COVID recovery. The location between two Broadway subway stations will appeal to both the Columbia University and traditional Upper West Side markets.”

 “2647-2649 Broadway is a unique building with a lot of character. Aulder has plans to refurbish the historic common areas and build-out luxury rental apartments to meet the growing demand on the UWS. With over 50 ft. of frontage on Broadway, the retail space offers great exposure to a dynamic and up-and-coming market, appealing to a diverse group of potential tenants,” said John Reid, SVP of Acquisitions at Aulder Capital.

The purchase represents the fourth New York City acquisition by Aulder Capital in the last 12 months as it continues to target underutilized assets in Manhattan.

JLL Capital Markets 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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Aulder Capital is a vertically integrated, privately held investment and management company that focuses on value-add multi-family and commercial properties along the East Coast. Aulder targets middle-market investments ($10 to $100 million) with attractive risk adjusted returns achieved through renovating, marketing, leasing, and repositioning. Aulder believes in the value of social impact investing and is committed to fostering education, health and wellness, and economic development throughout its portfolio properties and in their local communities. In its history, Aulder has acquired over 4,000 units and $775 million of gross asset value.