Mixed-use Manhattan portfolio seeks $77M

NEW YORK, Oct. 8, 2021 – JLL Capital Markets announced today that it is exclusively marketing for sale a mixed-use portfolio in Manhattan. The portfolio includes four properties at 959-961 Second Ave., 246 East 46^th St., 17 East 70^th St. and 18 East 67^th St. Seller, JT Tai & Company Foundations, Inc. is seeking a total of $77 million.

The properties at 959-961 Second Ave. and 246 East 46^th St. are two mixed-use buildings marketed together for $50 million. 959-961 Second Ave is a four-story building between 51 Street and Second Avenue comprising 10 residential units and two commercial units. The corner location creates a strong retail presence and makes it a key piece of a future assemblage. 246 East 46^th St. is a six-story elevator building including 81 residential units and 12 commercial units with 150 feet of corner frontage. The residential unit mix consists of 56 studio apartments, five one-bedrooms, 19 two- bedrooms and one duplex. Opportunities for upgrades exist throughout the building to modernize hallways, common areas and the lobby. Increased efficiency and higher rents can be achieved through the reconfiguration of large unit dimensions. Both properties are conveniently located in the heart of Midtown Manhattan, bordering both the Turtle Bay and Murray Hill neighborhoods. The building is within walking distance of Grand Central Terminal, with direct access to the 4, 5, 6, 7 and S trains with the Midtown Tunnel and 59th Street Bridge nearby.

The building at 17 East 70^th St. is a five-story, multi-housing townhouse seeking $13.5 million. 17 East 70^th St. contains 13 total units, consisting of 11 residential apartments with the remaining two being used as office space. Currently, out of the 11 residential units, five are free market, three are rent stabilized, and three are rent controlled. The property is in ideal location on the north side of East 70^th Street between Fifth and Madison Avenue just steps from Central Park.

The property at 18 East 67^th St. is an eight-unit multifamily townhouse seeking $13.5 million. 18 East 67^th St. contains eight total units, including seven residential apartments with the remaining being used as office space. Currently, out of the seven residential units, five are free market with the remaining two being rent stabilized. The building is conveniently located on the south side of East 67^th Street between Fifth and Madison Avenue just steps from Central Park.

The JLL Capital Markets team marketing the portfolio on behalf of the seller is led by Chairman, NY Investment Sales Bob Knakal; Managing Directors Clint Olsen and Jonathan Hageman; Executive Vice President Eddie Shuai and Analysts Stephen Godnick and Jacob Russell.  

“The portfolio offers investors a true value-add opportunity of scale in Midtown East, as well as two multi-unit townhouses on two of NYC’s most prestigious blocks” Olsen said. “We are excited to see how the market receives such a unique mix of properties “

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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