JLL Capital Markets arranges sale of Riverbank high-rise for Barings and financing for buyer

Manhattan, NY JLL has closed on the $243.5 million sale of Riverbank, a 44-story recently renovated rental property located at 560 West 43rd St. in the Midtown West submarket.

JLL represented the seller, Barings, one of the world’s largest diversified real estate investment managers, and procured the buyer, an institutional investor. JLL also arranged $128.3 million in acquisition financing.

Originally developed in the late 1980s as a condominium project, Riverbank has 418 units comprised of 43 studios, 270 one-, 62 two- and 43 three-bedrooms. The property features nearly 18,000 s/f of retail that is fully occupied by a variety of service-oriented tenants, including a nail salon, liquor store and coffee shop and a below grade parking garage. 

Most of Riverbank’s units have balconies with city and Hudson River views, and residents enjoy amenities that include a 5,000 s/f lounge called the Harbor Club which has poker and billiards tables, a media room and co-working space. There is also an Olympic-size swimming pool, gym and sauna, outdoor terrace and grilling stations.

Located on the edge of the vibrant Hell’s Kitchen neighborhood along the 43rd Street corridor, Riverbank is a few minutes’ walk from Hudson Yards, home to nearly 19 million square feet of modern Class A office space where leading finance, tech and consulting firms are based. The location puts the building’s primarily young and well-educated residents right next to one of the city’s most vibrant business hubs.

Mark Freeman, managing director for Barings, said, “Barings has been proud to provide Class A housing to New Yorkers over the last 30 years at this property and to deliver meaningful value to our investors through this transaction. We are grateful to JLL for their support and wish the new ownership all the best.”

The JLL Capital Markets Sales and Advisory team that arranged the sale was led by senior managing Directors Jeffrey Julien, Rob Hinckley and Andrew Scandalios, managing director Steven Rutman and vice president Devon Warren. The team has been ranked as the leading New York multi-housing sales team for the last four years by real estate analytics provider, Greenstreet. JLL’s Debt Advisory team included senior managing director Kelly Gaines and managing directors Geoff Goldstein and Michael Shmuely.

Julien said, “We’re pleased to have arranged this exceptional transaction on behalf of Barings. The sale offered a rare opportunity to acquire a fee-simple fair market property in Manhattan at significantly below replacement cost.”

"The exceptional quality of this product, with its premium finishes and comprehensive amenities package in such a well-positioned building, created a lending opportunity that was extremely well received by lenders. Combined with limited supply and strong rent growth in the area, we're pleased to have arranged financing that benefited all parties," said Gaines.