JLL Capital Markets completes $5.4M sale of 250 West 74th St.
Historic multi-housing property is steps from Riverside Park and Central Park on Manhattan’s Upper West Side
NEW YORK, November 17, 2020 — JLL Capital Markets announced today that it has completed, for $5.4 million, the sale of 250 West 74th Street, a 6,840-square-foot multi-housing property located in the West End-Collegiate extension Historic District on New York City’s Upper West Side.
The five-story, 20-foot-wide brownstone is currently configured with five fair-market floor-through apartments and is delivered vacant. The building has a two-bedroom, three-bath garden duplex featuring a large recreation room; three three-bedroom, three-bath units on the second, third and fourth floors, and a large four-bedroom, four-bath unit with a rooftop penthouse and significant outdoor space on the fifth floor. The building has high ceilings and abundant light and air and features a fully renovated basement multi-purpose room with a full bathroom and a walk-in closet. Each apartment has its own self-controlled gas-fired boiler. Located within the R8B zoning district, 250 West 74th Street offers 1,720 square feet of additional air rights.
The property is located in prime Upper West Side on West 74th Street between Broadway and West End Avenue. The property is steps from both Riverside and Central parks, Lincoln Center, the Museum of Natural History, and world-class shopping and dining on Broadway, Amsterdam Avenue and Columbus Avenue. The property offers convenient access to the 1, 2, 3, B and C subway lines, and several bus lines.
The JLL Capital Markets team handling the sale included Managing Directors Paul Smadbeck and Hall Oster and Associates Conrad Martin and Teddy Galligan.
“250 West 74th Street’s status as a free-market, cash-flowing property with a favorable tax status made it a highly attractive investment opportunity which ultimately attracted overseas capital,” noted Smadbeck. “Its flexibility will allow for possible future conversion to “live-plus-income” or single-family use.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.