Manhattan SRO building sells for $11M

NEW YORK, March 21, 2022 - JLL Capital Markets announced today that it has closed the $11 million sale of 258 West 97th St., a 50-foot-wide, 26,334-square-foot, seven-story single room occupancy (SRO) on Manhattan’s Upper West Side. The property has historically operated as a hotel and is presently configured as 94 rooms.

JLL represented the seller, Impulsive Group. Fortune Society acquired the property.

The elevator building is located on the south side of West 97th Street between Broadway and Riverside Drive and features protected light and air on three sides. Thirty-nine of the building’s 94 rooms feature private bathrooms, and two common bathrooms are on each floor.

258 West 97th St. is one block from the extensive shopping, dining and retail offerings along Broadway and one block from subway service on the 1, 2 and 3 lines from the 96th Street Station. The property is conveniently located two blocks east of Riverside Park and three blocks west of Central Park.

The JLL Capital Markets team representing the seller was led by Managing Directors Hall Oster and Jonathan Hageman, Chairman Bob Knakal, Vice President Teddy Galligan and Associate Braedon Gait.

“The property’s proximity to Broadway and former use as a hotel presented a unique opportunity for housing end-users seeking to utilize the existing configuration for their own operations,” Oster said.

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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