JLL Capital Markets announced the $7.7 million sale of 515 West 47th St., a five-story, mixed-use apartment building with one ground-floor retail space leased to The Jolly Goat Coffee Bar.
JLL was retained by Corigin on an exclusive basis to arrange the sale. RockSolid Ventures, acquired the building.
Situated on the north side of West 47th Street, between 10th and 11th avenues, the 10,675-square-foot building was fully gut-renovated in 2014 and was well maintained by ownership.
515 West 47th St. is currently configured with one one-bedroom, 10 two-bedrooms, one three-bedroom and three four-bedroom units. The ground-floor rear apartments feature private outdoor spaces, and units on the 5th floor have private roof terraces. Each unit features a stacked washer-dryer and high-end finishes.
The property is located a short walk from the Theatre District and countless restaurants, bars and entertainment along 8th, 9th and 10th avenues. There are also several Times Square transportation hubs within close walking distance, offering access to multiple subway lines to any area of the city.
The JLL team representing the seller was led by Managing Directors Jonathan Hageman and Hall Oster, along with Vice President Teddy Galligan, Associates Braedon Gait and Jake Russell and Bob Knakal, head of JLL’s New York Private Capital Group.
“The property’s proximity to cultural offerings in Manhattan’s famed Theatre District and convenient access to Midtown and Hudson Yards positions it as a powerful investment within one of the city’s most central neighborhoods,” said Hageman. “As a market-rate property, it will also provide immense value amid surging rental growth for newly renovated units with desirable layouts.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.