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Located in one of the city’s most exclusive neighborhoods, 12 East 88th Street sells for $105 million
NEW YORK, March 20, 2014 — Renters aren’t the only ones seeking prewar apartments in New York City: the assets are a hot commodity for investors as well. On behalf of Nostra Realty, Jones Lang LaSalle’s (JLL) Capital Markets Group announced the sale of 12 East 88th Street. Simon Baron Development Group purchased the multifamily property for $105 million.
Vice Chairmen Richard Baxter, Jon Caplan, Yoron Cohen, Scott Latham, Executive Vice President Glenn Tolchin and Senior Vice Presidents Jason Gold and Anthony Ledesma led the JLL team on this transaction.
“Designed by renowned architect Rosario Candela, 12 East 88th Street presented a rare opportunity to acquire a special prewar rental building in the prestigious Carnegie Hill neighborhood, just steps from Central Park” said Caplan. “A constrained multifamily development pipeline, paired with tremendous demand for high-end condominiums in vintage buildings, drew fierce competition for this asset among investors.”
The 13-story, 65-unit building, located between Fifth and Madison Avenues near Central Park, will be converted to luxury condominiums. It is in close proximity to the city’s top schools, museums, shopping and dining options.
About Capital MarketsJLL 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 2012 alone, JLL Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv
About JLLJLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.
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