Amstar Makes $129M Purchase of Hudson Yards Residential Tower
JLL represented both sides of the transaction.
Amstar Group LLC, a Denver-based privately owned real estate investment firm, has acquired Henry Hall, a 33-story, 225-unit luxury multifamily property in Manhattan’s Hudson Yards neighborhood for $129 million. A joint venture between Shorenstein Investment Advisors and Dreamscape Cos. sold the property.
JLL represented the previous owners in the sale and arranged $71 million in acquisition financing from U.S. Bank for the transaction. The firm also marketed the property and procured the buyer. The JLL Investment Sales Advisory team was led by Senior Managing Directors Jeffrey Julien, Rob Hinckley and Steven Binswanger, Managing Director Steven Rutman and Director Devon Warren.
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The Capital Markets Debt Advisory team from JLL representing Amstar was led by Managing Director Geoff Goldstein and Director Christopher Pratt.
The tower has a property-tax abatement through 2039, sponsored by New York’s 421-a program.
Hailing Henry Hall
Located at 515 W. 38th St., Henry Hall finished construction in 2017. The residential property has a mix of studio, one-bedroom and two-bedroom units ranging in size from 439 to 1,207 square feet, with an average of 704 square feet. Rents range from $2,767 to $7,115, with an average of $6,548, according to Yardi Matrix data. The building includes 46 affordable units.
Designed by interior designer Ken Fulk, the property has a hotel-inspired living experience. Unit features include white quartz countertops, stainless steel appliances, brass faucets, ash hardwood flooring, oversized steel-encased windows and washers and dryers.
Community amenities at Henry Hall include a double-height lobby, a landscaped rooftop terrace with views of the Hudson River and Empire State Building, a fitness center and a music “jam room” with professional recording equipment. The building has about 12,500 square feet of retail space
The property is located in the Hudson Yards district on the Far West Side, a former rail yard that has been transformed into a premier employment hub. The area has approximately 19 million square feet of newly delivered Class A office space attracting major tenants from the finance, technology and consulting sectors. Henry Hall is within walking distance of the Hudson Yards office buildings.
