Newswire

JLL Selected to Sell Four-Building Portfolio on Upper West Side

JLL Capital Markets has been chosen to sell a portfolio of multifamily properties on Manhattan’s Upper West Side, located at 17 West 82nd Street (pictured), 124 West 73rd Street, 124 West 78th Street and 203 West 80th Street. The buildings contain a total of 37 residential units and will be marketed separately, or as a full portfolio with an aggregate asking price of $25.045 Million.

Hall Oster and Paul Smadbeck, managing directors, will lead the professionals handling the sale assignment.

“All four properties have been owned and managed by the same family for multiple generations, and they are being offered for sale for the first time in nearly 50 years,” Oster said. “The McDonnell Portfolio represents a rare opportunity to acquire a series of superbly located properties on some of the most sought-after blocks on the Upper West Side. The portfolio will appeal to investors seeking to add quality real estate to their legacy portfolios as well as those seeking fundamentally sound conversion opportunities.”

All of the buildings feature tax class 2B status and combine for 12,319 square feet of additional air-rights within the Upper West Side/Central Park West Historic District.

The properties are:

  • 17 West 82nd Street, a five-story townhouse totaling 8,099 square feet, with eight apartments. Six of the apartments are free market and two are rent-controlled. The property features 23’ in width, 7 floors of rentable space and a series of roof decks and a large garden.
  • 124 West 73rd Street,  a four-story townhouse totaling 5,405 square feet with eight free-market apartments, as well as a large two-story extension with a finished roof deck.
  • 124 West 78th Street, a five-story townhouse totaling 5,630 square feet with 10 apartment units. One unit is vacant, eight are free market and one is rent-stabilized. The building also has a three-story extension, penthouse additions and basement duplexes combining for 7 floors of rentable space, a basement office and a roof terrace.
  • 203 West 80th Street, a five-story apartment building totaling 7,195 square feet with 10 free-market apartments. The ground floor apartments were combined with the cellar to create front and back duplexes, and the fifth-floor apartments were combined with two sixth floor additions to create front and back penthouses with private roof decks.