JLL Capital Markets has announced the $20 million sale of a rare, three-building, mixed-use, multi-housing and retail portfolio at the heart of the busy 42nd Street corridor in Manhattan.
321-325 West 42nd Street is a collection of three contiguous properties with a combined 75 feet of frontage on West 42nd Street in Midtown West that could potentially be redeveloped as a new 90,000-square-footproperty.
JLL exclusively represented the seller, a private investor who had owned the properties for 25 years. Amir Shriki’s Aya Acquisitions was the buyer.
Built in the 1920s at the apex of the city’s bustling entertainment district, the trio of five-story properties each feature ground floor retail space and offer a total of 36 apartments, the bulk of which are free market. The properties sit directly opposite the Port Authority bus terminal, the world’s busiest and country’s largest bus terminal serving over 225,000 people on an average weekday.
The assets are well-positioned for a long-term redevelopment because of the flexible C6-4A zoning, which permits both a residential and commercial development. The portfolio contains a total of approximately 27,400 gross square feet with as-of-right buildable square footage of approximately 75,000 square feet, which can be increased to 90,000 buildable square feet using inclusionary housing bonuses.
A JLL Capital Markets team led by Head of NY Private Capital Group Bob Knakal and Managing Director Jonathan Hageman arranged the sale.
“The property has a superb location proximate to the sought-after Hudson Yards and West Chelsea neighborhoods, access to unrivalled transportation options and some of the world’s best cultural and entertainment offerings at its front door,” said Knakal. “As Midtown West continues to evolve, the asset offers immediate upside through a wholistic renovation and long-term potential as an eventual development site.”
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.
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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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
