JLL Capital Markets arranges sale of 134-unit package on behalf of private ownership
News release
22 June 2022
Seven-building Manhattan multi-housing portfolio trades for $44M
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NEW YORK, June 22, 2022 – JLL Capital Markets announced today that is has arranged the $44 million sale of a 134-unit multi-housing portfolio, comprising seven buildings located in key Manhattan neighborhoods.
JLL marketed the package on behalf of the seller, a long-term private owner. The buyer was Aya Acquisitions, the investment firm founded Amir Shriki. The purchaser assumed a $15 million CMBS loan and closed the acquisition with $29 million in equity.
The package includes 67 St. Marks Pl., 106 East 7th St., 217 East 22nd St., 638-640 East 14th St., 239 West 15th St. and 426 East 77th St., totaling approximately 77,000 square feet, 133 apartments and one retail space.
The majority of the properties are situated south of 23rd Street spanning popular residential neighborhoods, which include Chelsea, The East Village and Gramercy. All core Manhattan rental markets that have been in high demand throughout New York City’s post-COVID recovery, the neighborhoods feature flexible transportation linkages, abundant night life and amply access to green spaces.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Hall Oster and Vice President Teddy Galligan.
“The portfolio presented a tremendous opportunity to acquire scale throughout core Manhattan rental markets,” said Oster.
“The buildings have been well-maintained featuring great base building conditions with room to implement cosmetic upgrades. The enhancements will add value and drive demand in the portfolio’s supply constrained submarkets,” added Galligan.
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.
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 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.