JLL Capital Markets close the sale on three NYC multi-housing properties for $825 million

Manhattan, NY JLL Capital Markets has closed the approximately $825 million sale of three multi-housing properties totaling 858 units, including One Sutton Pl., Two Sutton Pl. and One East River Pl., that are part of a larger five-property portfolio.

JLL exclusively represented the seller, Solow Building Company, and an equity syndication by GO Partners acquired the assets. GO Partners is a partnership between Black Spruce Management and Orbach Affordable Housing.

Sheldon Solow, the renowned real estate developer/investor, developed all five properties. They include:

• The 234-unit One Sutton Pl. at 420 E. 61st St
• The 209-unit Two Sutton Pl. at 1113 York Ave., which includes 2,000 s/f of commercial space
• The 415-unit One East River Pl. at 525 E. 72nd St., which includes 27,275 s/f of commercial space

The three properties offer spacious units with an average size of 989 s/f, allowing ample room for families wanting proximity to the Upper East Side’s schools, as well as young professionals conducting hybrid work-from-home lifestyles. Additionally, the portfolio offers some of the few black glass façade residential buildings within Manhattan.

The 408-unit 685 1st Ave. was the first property to close of the larger portfolio with JLL representing the seller (announced in October), bringing the total portfolio transaction amount thus far to $1.2 billion. An additional property of the portfolio is currently under contract between the parties.

The JLL 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, senior director Steve Rutman, vice president John Taylor and associates Jon Faxon and Joy Ryoo.

“The Solow Company was decades ahead in their construction of these assets in terms of quality and amenities. It will be exciting to see where new ownership will take them into the future,” said Hinckley.