DEAL OF THE DAY: JP Morgan Investment Buys Manhattan Rental Property for $150.35M
- Jul 11, 2008
By Anuradha Kher, Online News EditorNew York–Jones Lang LaSalle’s multifamily capital markets team has completed the sale of The Wimbledon, a 230-unit apartment complex on Manhattan’s Upper East Side, for $150,350,000. JP Morgan Investment Management purchased the building, located at 200 East 82nd St., from P & H Associates.”The credit crunch has taken its toll on the multifamily market in Manhattan over the last year, with very few transactions being completed, but the sale of The Wimbledon at a strong pricing level verifies that there is still a market for prominent buildings with strong fundamentals,” says Jubeen Vaghefi, managing director at Jones Lang LaSalle, who handled the deal along with Jeff Morris, Nat Rockett and Thomas Beneville, also managing directors.Located several blocks from Central Park, the 28-story apartment complex includes 6,203 sq. ft. of street-level retail, which is fully leased and occupied by Citibank. The Wimbledon features a 24-hour doorman, concierge service and on-site superintendent with repair and porter service.The building has undergone significant capital expenditures in 1996, 2001 and 2007, including upgrades to the roof, kitchens, elevators, hallways and windows.