JLL Capital Markets arranged the sale of multi-housing and retail property at 150 Manhattan Ave.
News release
04 May 2022
Longtime owner sells mixed-use building in New York’s Upper West Side
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NEW YORK, May 4, 2022 – JLL Capital Markets announced today that it has closed the $7.5 million sale of 150 Manhattan Ave., a five-story, mixed-use building on the southeast corner of Manhattan Avenue and West 107th Street on New York City’s Upper West Side.
JLL arranged the sale on behalf of the seller, Steven Oved’s GPS Realty Corp, the longtime owner of the property. The property was acquired by a private investor.
Located a short walk from Central Park, Columbia University and the B&C subway stations along Central Park West, the 11,305-square-foot building consists of 17 apartments and two retail spaces. Of the 17 apartments, three are rent stabilized, and 14 are free market apartments configured as furnished junior two-bedrooms and flooded with light from the property’s corner location.
The retail spaces are fully leased to a grocery store and hair salon, both long-term neighborhood tenants, and the property also receives income from a cell tower located on the roof. Situated outside local historic districts, the property offers 5,401 square feet of additional air rights that could be used in the future to enlarge the existing structure.
The JLL Capital Markets team that completed the transaction was comprised of Managing Directors Paul Smadbeck and Hall Oster, Vice Presidents Conrad Martin and Teddy Galligan and Associate Braedon Gait.
“With easy access to transportation and proximity to Central Park and Columbia University, 150 Manhattan Ave. will benefit from local demand for apartments over the long term,” Smadbeck said.
“Located in a strong market and offering protected light and air with additional air rights, the property presents the new owner with future upside in one of New York’s most dynamic neighborhoods,” Oster added.
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 and 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 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.