JLL Capital Markets brokers sale of 25-unit property in prime Manhattan neighborhood
JLL Capital Markets has announced the sale of 216 West 78th St., a five-story primarily rent stabilized elevatored multi-housing property on Manhattan’s prized Upper West Side.
JLL represented the seller, a longtime family owner. The buyer was a local partnership. The sale price was $6.175 million.
Located between Broadway and Amsterdam Avenue, the building contains 17 rent stabilized apartments and eight free market units configured as 11 studios, 12 one-bedroom units and two two-bedroom units.
Surrounded by national and neighborhood retailers and equidistant to both Central and Riverside parks, 216 West 78th St. is less than two blocks from the West 79th Street Broadway subway station, providing convenient access to midtown Manhattan.
The JLL Capital Markets team that handled the transaction included Managing Directors Paul Smadbeck and Hall Oster, Vice Presidents Teddy Galligan and Conrad Martin and Associate Braedon Gait.
“While 216 West 78th Street was 68% rent stabilized at the time of sale, a majority of the units were at or close to market rate,” said Smadbeck. “This, together with the outstanding location, represented a perfect long-term hold for a local purchaser.”
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
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel,residential and retail properties. A Fortune 500® company with annual revenue of $20.9billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined withlocal expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
