Vintage West End Avenue elevator building sells for $51M

NEW YORK, July 21, 2022 – JLL Capital Markets announced that it has completed the $50.75 million sale of 740 West End Ave., a 101-unit, pre-war, mixed-use, elevator building on Manhattan’s Upper West Side.

JLL represented the seller, Wolk Properties, LLC, a long-term family ownership group, and procured the buyer, Aya Acquisitions, the investment firm founded Amir Shriki.

Constructed in 1915, the 135,460-square-foot property has been owned and exceptionally maintained by the same family for multiple generations. Located on the northeast corner of 96th Street and West End Avenue, the 14-story building features ornate construction details with tremendous light and air due to its 225 feet of wrap-around corner frontage on a pair of double-wide streets. The property contains 101 units, featuring spacious layouts with multiple pathways to add value. There are six commercial units and one superintendent’s apartment. The doorman building features resident storage units, two bicycle rooms and a laundry room and offers excess basement space for future potential amenity offerings.

Situated one block from the 96th Street Subway line at Broadway, 740 West End Ave. offers easy access to the 1, 2 and 3 subway lines. The building sits in one of New York City’s most sought-after residential enclaves and is within easy walking distance of Riverside and Central parks, as well as museums, schools and neighborhood retail.

The JLL Capital Markets team that completed the transaction included Chairman of New York Investment Sales Bob Knakal, Managing Directors Hall Oster, Jonathan Hageman and Paul Smadbeck, Vice President Teddy Galligan and Analyst Braedon Gait.

“West End Avenue is one of the most beautiful streets on the Upper West Side of New York, and the buyer is positioned to capitalize on substantial near- and long-term upside from the asset’s vintage design and the tremendous surge in post-pandemic rental demand,” said Knakal.

“Generous unit sizes, excess potential amenity space and the ability to easily reconfigure layouts will provide the buyer with a variety of repositioning strategies directly catering to the demographics of the Upper West Side,” added Oster.

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 advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.