JLL Capital Markets recently announced it has been retained on an exclusive basis to arrange the sale of 210-220 East 22nd St., a 204-unit residential building in Manhattan’s coveted Gramercy neighborhood.
Originally developed in 1982 and 1930 (210 and 220 respectively), the seven-story, two-building property is 100% market rate and features 82 studios, 75 one-bedroom units, 39 two-bedrooms and eight three-bedrooms. The two complimentary buildings share connectivity on the ground floor and offer an attended lobby, fitness center and resident lounge. Finishes include granite countertops, custom cabinetry, stainless steel appliances, vaulted ceilings, in-unit washer / dryers, walk-in closets and private terraces in select units.
The JLL Capital Markets team led by Senior Managing Directors Andrew Scandalios, Rob Hinckley and Jeffrey Julien and Managing Director Steven Rutman were retained by PGIM to lead the marketing of the property.
“210-220 East 22nd St. presents a tremendous opportunity to acquire a high-quality asset way below replacement cost in a prime Manhattan neighborhood,” said Hinckley. “Over half of the units have not been renovated, providing rent upside and mark-to-market potential and future development potential in a fundamentally strong multi-housing market.”
Julien added, “This is the type of premier asset that excites investors in today’s dislocated capital environment. Its 100% fair market status and prime location will appeal to institutions, private capital, and international investors.”
Gramercy is among New York’s most popular residential neighborhoods offering a variety of restaurants, coffee shops, and greenspace. Gramercy, Madison Square, and Union Square parks are all within proximity, making it one of the greenest corners of Downtown Manhattan. Transportation options include the 6 train at 23rd Street and Park Avenue, the R and W trains at 23rd Street and Broadway and the Union Square subway hub.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property / facilities management, consulting, and project and development services.
