NEW YORK CITY — JLL has brokered the $243.5 million sale of Riverbank, a 44-story apartment tower located at 560 W. 43rd St. in Midtown Manhattan.
Barings sold the freshly renovated property to an undisclosed institutional investment firm, with JLL representing both parties in the transaction. JLL also arranged $128.3 million in acquisition financing for the deal. The direct lender and specific loan terms were not disclosed.
Originally developed in the late 1980s as a condominium project, Riverbank currently houses 418 rental units comprising 43 studios, 270 one-bedroom units, 62 two-bedroom apartments and 43 three-bedroom residences. The high-rise also features nearly 18,000 square feet of retail space that is fully leased to a nail salon, liquor store and coffee shop.
Most of Riverbank’s units have private balconies with city and Hudson River views, and residents have access to a 5,000-square-foot lounge called the Harbor Club that offers poker and billiards tables, a media room and coworking space. Additional amenities include an Olympic-size pool, fitness center, outdoor terrace and grilling stations.
Jeffrey Julien, Rob Hinckley, Andrew Scandalios, Steven Rutman and Devon Warren led the JLL Capital Markets team that handled the sale of Riverbank. Kelly Gaines, Geoff Goldstein and Michael Shmuely made up the JLL Debt Advisory team that sourced acquisition financing.
“The exceptional quality of this product, with its premium finishes and comprehensive amenities package in such a well-positioned building, combined with limited supply and strong rent growth in the area, created a lending opportunity that was extremely well received by lenders,” says Gaines.
— Taylor Williams