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Jones Lang LaSalle Inc.

10/13/2021 | Press release | Distributed by Public on 10/13/2021 09:13

Upper East Side residential property sells for $5.25M

NEW YORK, October 13, 2021 - JLL Capital Markets announced today that it has closed the $5.25 million sale of 206 East 75th St., a six-story walk-up residential property in New York City's Upper East Side neighborhood.

JLL marketed the building on behalf of the seller, 206 East 75th, LLC. A private buyer acquired the property.

Located on the south side of East 75th St. between Second and Third avenues, the property consists of six floor-through units that occupy entire floors of the property. Five of these units are free market, and one is rent controlled. The property recently underwent a complete renovation, including the construction of an additional floor, a common roof deck, on-site laundry and basement storage. The renovated apartments consist of three two-bedrooms and two three-bedrooms complete with luxury finishes. The rent-controlled unit is located on the garden level.

Nearly all the building's infrastructure was replaced during the renovation, including upgraded electric service, new plumbing and gas risers all new windows and dedicated in-unit HVAC units and waters heaters. In addition, the façade, roof and entry door were replaced, and the common areas have been modernized.

The JLL Capital Markets team representing the seller was led by Managing Directors Hall Oster and Paul Smadbeck; Vice Presidents Teddy Galligan, Conrad Martin; and Analyst Braedon Gait.

"Ownership executed a great renovation of the property leaving optionality for an end user to recapture a large owner's unit while maintaining cashflow," Said Oster.

JLL Capital Markets 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 sales and 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.

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