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JLL Brokers $825M Sale of Upper East Side Mixed-Use Portfolio in New York City

Solow Building Co. recently sold the 234-unit One Sutton Place and 209-unit Two Sutton Place on the Upper East Side of Manhattan as part of an $825 million mixed-use portfolio.

NEW YORK CITY JLL Capital Markets has arranged the $825 million sale of three Upper East Side mixed-use properties totaling 858 units and 29,275 square feet of commercial space. The sale includes One Sutton Place, Two Sutton Place and One East River Place. The properties are part of a larger five-property portfolio.

Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal.

Sheldon H. Solow, a renowned New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; 209-unit Two Sutton Place at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space.

One East River Place, located at 525 E. 72nd St., includes 27,275 square feet of commercial space.

The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade 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, bringing the total portfolio transaction amount to $1.2 billion to date. An additional property is currently under contract between the parties.

Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo led the JLL Capital Markets investment sales advisory team.

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

— Kari Lloyd

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