Jones Lang LaSalle Inc.

12/07/2021 | Press release | Distributed by Public on 12/07/2021 11:35

5-story Upper West Side elevator apartment building sells for $5.2M

NEW YORK, December 7, 2021 - JLL Capital Markets announced today that it has closed the $5.2 million sale of a 7,694-square-foot, elevatored apartment building at 317 West 74th St. in New York City.

JLL marketed the building on behalf of the seller, 74th St. Properties, INC. DNY1, L.P. acquired the property.

The five-story property is currently divided into 19 studio apartments, 16 of which are free market and three are rent stabilized. The building, which features an elevator that accesses all floors, has ample roof space that could be used as a common roof deck with stunning views of the Hudson River.

Located on the north side of West 74th street between West End Avenue and Riverside drive, the

property is just steps from Riverside Park, Central Park, Lincoln Center, the major transportation hubs at 72nd street and Broadway and the world-class shopping and dining corridors of Broadway, Amsterdam Avenue and Columbus Avenue.

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

"With its spectacular location and abundant light and air, 317 West 74th St. represents an exceptional opportunity for an investment property with great bones and immediate value-add potential," Smadbeck said. "This property provides the lasting appeal of the Upper West Side experience and is an ideal long-term investment."

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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