JLL Capital Markets experts successfully sold 157-159 Lexington Avenue, located in Manhattan’s Kips Bay neighborhood, for Tsoumpas 157 Group LLC. Private investor Shaun Ajodan acquired the 12,452-square-foot, mixed use building for $11.5 million.
The JLL professionals completing the direct sale assignment for Tsoumpas 157 Group included Brendan Maddigan and Stephen Palmese, Vice Chairman; Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen, Managing Directors.
“This is a terrific investment, as 157-159 Lexington Avenue occupies a busy corner in the dynamic neighborhood of Kips Bay,” said Clifford. “The property is situated between the Empire State Building and the Flatiron building and is surrounded by popular stops like Marta, Hillstone and Upland.”
The seven-story, 12,452-square-foot building features 12 residential units on the second through sixth floors and a penthouse apartment with a private rooftop on the seventh floor. The ground floor space is occupied by a residential lobby and Penelope, a popular restaurant.
The property is located on the busy corner of Lexington Avenue and East 30th Street and is located steps away from the 28th and 33rd street subway stops. Madison Square Park, the PIT, Gramercy Theater, the Kips Bay AMC, Baruch College, NYU Dental, and the School of Visual arts are all less than a 10-minute walk away from 157-159 Lexington Avenue.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.
