JLL’s Capital Markets group announced that it has closed the sale of a $387.5 million multihousing community comprised of 408 market-rate units and 9,693 square feet of commercial space located at 685 1st Ave. in the Murray Hill neighborhood of Manhattan. 685 1st Ave. is part of a larger, six-property, 1,766-unit portfolio that JLL recently marketed.
JLL exclusively represented the seller, Solow Building Company, and procured the buyer, GO Partners, a joint venture between Josh Gotlib and Meyer Orbach. GO Partners additionally brought in other syndicated private partners and procured financing from a relationship bank.
Built in 2018, the 43-story, 460-foot-high community consists of 408 rentals on the lower 27 floors and 148 one- to four-bedroom condominiums on the top 16 floors. Community amenities include a fitness center, swimming pool, co-working lounge, media room, valet parking, cold storage and a children’s playroom.
Situated in Murray Hill, the community is located just south of the United Nations Headquarters along the East River. The building offers expansive views of New York City and the riverfront, as well as convenient access to FDR Dr. and numerous subway lines.
JLL’s Capital Markets Investment Sales Advisory team was led by 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.
“685 1st Ave. is a truly best-in-class trophy asset that will benefit from fair market rents in a highly supply constrained market,” said Hinckley. “Its proximity to both the Class A office surrounding Grand Central Terminal and the water promenade along the East River make it an ideal location for a long-term hold.”
JLL’s Capital Markets group 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 and 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.