JLL closes sale of 150 West 48th Street assemblage in Manhattan
Sam Chang purchases 276,000-buildable-square foot, mixed-use development opportunity
NEW YORK, January 31, 2020 — JLL Capital Markets successfully sold 148-166 West 48th Street, collectively referred to as 150 West 48th Street, an assemblage located in Midtown Manhattan. The site was acquired by hotelier Sam Chang.
150 West 48th Street, located between Sixth and Seventh Avenues, includes multiple development parcels and air rights. The site offers approximately 276,000 of buildable square feet, inclusive of transferred and acquired air rights. The site had previously been cleared of a collection of small older buildings and was marketed shovel ready.
The site is in the heart of Midtown and surrounded by an unparalleled environment spanning the office, hospitality, cultural institution, residential and retail markets. It is also home to significant New York cultural landmarks, such as Rockefeller Center, Central Park, Grand Central Terminal and Times Square. The assemblage is located between the N, R, W subway stop at 49th Street and the B, D, F, M station at Rockefeller Center and is two blocks from the 1 train.
The JLL professionals completing the sale for the seller include Chairman of NY Investment Sales Bob Knakal; Senior Managing Director Jeff Davis; Managing Director Jonathan Hageman; and Vice President Patrick Yannotta.
“150 West 48th Street is an extremely rare opportunity for a development of this magnitude in the midst of Midtown Manhattan,” Knakal said. “Combined with the flexible zoning regulations that allow a unique mixed-use project, this project promises to leave a lasting impression on the city.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and 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 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.