Portfolio of seven Manhattan multi-unit buildings trades for $44 million
NEW YORK, June 22, 2022 – JLL Capital Markets announced today that it has arranged the sale for $44 million of a 134-unit multi-unit portfolio, comprising seven buildings located in key Manhattan neighborhoods.
JLL marketed the package on behalf of the seller, a long-time private owner. The buyer was Aya Acquisitions, the investment company founded by Amir Shriki. The buyer 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 retail space.
The majority of properties are located south of 23rd Street and span popular residential areas including Chelsea, The East Village and Gramercy. All of Manhattan’s major rental markets that have been in high demand throughout New York’s post-COVID recovery, the neighborhoods offer flexible transportation connections, abundant nightlife, and ample access to green spaces.
JLL Capital Markets’ investment sales advisory team representing the seller was led by Managing Director Hall Oster and Vice Chairman Teddy Galligan.
“The portfolio presented a tremendous opportunity to gain scale in Manhattan’s key rental markets,” Oster said.
“The buildings have been well maintained, with excellent base construction conditions with room to implement aesthetic upgrades. The upgrades will add value and drive demand in the portfolio’s limited supply submarkets” , added Galligan.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.