Manhattan Asset Trades for $388M

JLL Capital Markets represented the seller and procured the buyer.

6685 1st. Ave.

685 First. Ave. Image courtesy of JLL Capital Markets

GO Partners, a joint venture between Josh Gotlib and Meyer Orbach, has acquired 408 rental units in Manhattan for $387.5 million. Solow Building Co. sold the Class A asset. The buyer financed the purchase with a $290.6 million loan from JPMorgan Chase, according to Bisnow. A JLL Capital Markets team brokered the sale.

Located at 685 First Ave. in the Murray Hill neighborhood, the property features a 9,693-square-foot ground-floor commercial space. The 43-story building encompasses 408 apartments on the lower 27 floors and 148 condos on the top 16 floors, ranging from one- to four-bedroom floorplans. The 460-foot high-rise includes common-area amenities such as a fitness center, pool, coworking lounge and media room, as well as valet parking and cold storage space.

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The property is near the United Nations Headquarters along the East River, some 4 miles from downtown Manhattan and close to a wide array of dining, retail and entertainment offerings.

JLL Senior Managing Directors Rob Hinckley and Jeff Julien, Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Director Steve Rutman, Vice President John Taylor, Associate Jon Faxon and Analyst Joy Ryoo led the brokerage team that negotiated the 685 First Ave. sale.

Manhattan’s multifamily market

Manhattan continues to be an investor magnet, with more than $3 billion in multifamily assets changing hands in the borough in the first half of the year, according to a Yardi Matrix report. The average per-unit price was at $752,988, having more than doubled during the past decade.

Construction activity has intensified across Manhattan in recent months. More than 7,900 units were underway year-to-date as of October, Yardi Matrix data shows, while the borough’s largest multifamily development, part of the Hudson Yards master-planned district, recently added 938 units to supply.

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