JLL selected to sell 308 E. 109th St. in East Harlem
Eight-story building totaling 24,655 square feet features 20 luxury residential units, one retail unit
NEW YORK, December 18, 2019 — JLL Capital Markets experts have been selected by ABR Builders LLC to sell 308 East 109th Street in Manhattan’s East Harlem neighborhood. The eight-story building features 20 luxury residential units and one commercial ground-floor unit. ABR Builders is asking $15.25 million for the property.
308 East 109th Street totals 24,655 square feet and includes 13 one-bedroom units and seven three-bedroom units. All apartments feature outdoor spaces and have individual HVAC systems. The ground-floor retail space totals 1,273 square feet and is occupied by Dear Mama Coffee. Amenities at 308 East 109th Street include a private roof deck with a view of the Manhattan skyline, a bike storage room and a full-service gym. The property benefits from a fifteen year 421-A tax abatement that expires in 2029, at which point all residential units will become free market.
The building is conveniently located steps from the 6 train and the shopping corridor on Second Avenue. It will benefit from the second phase of the Second Avenue subway expansion, which will include a Q subway at Second Avenue and East 106th Street. The subway expansion project is scheduled to be completed by 2029 and is expected to encourage retail and residential rental growth in the area.
The JLL professionals overseeing the sale assignment include Managing Directors Hall Oster and Tom Gammino; Vice Presidents Conrad Martin and Teddy Galligan; and Associates Chris Skitch, Jeremy Simon, Braedon Gait and Connor Murphy.
“308 East 109th Street is a quality construction, boutique apartment building that is both fully amenitized and 100% occupied,” Oster said. “This is a turnkey investment opportunity in a neighborhood primed for continued growth due to the recent rezoning and the next phase of the Second Avenue subway expansion.”
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.