NYC Multifamily Properties Trade for $825 Million
Real Estate In-Depth | December 6, 2022
NEW YORK—In a deal announced by JLL Capital Markets on Dec. 5, the Solow Building Company has sold three Upper East Side multifamily properties to an equity syndication by GO Partners for $825 million.
The properties at One Sutton Place, Two Sutton Place and One East River Place total 858 units. The three buildings 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. Developer/investor Sheldon H. Solow developed all five properties.
The 234-unit One Sutton Place is located at 420 E. 61st St. The 209-unit Two Sutton Place is located at 1113 York Ave., which includes 2,000 square feet of commercial space. The 415-unit One East River Place is at 525 E. 72nd St., which includes 27,275 square feet of commercial space.
The three properties offer spacious units with an average size of 989 square feet. 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, JLL reported.
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.
Go Partners is a vertically integrated real estate development and investment firm founded by Meyer Orbach‘s Orbach Affordable Housing Solutions and Josh Gotlib’s Black Spruce Management. In 2022, the firm closed more than $2 billion in assets encompassing a portfolio of more than 2,000 apartments consisting of Class A iconic New York City buildings. These include The Copper Buildings, One East River Place, One United Nations, and 1 & 2 Sutton Place North. The company also has more than $500 million of deals set to close in the coming months.