JLL Capital Markets arranges $46 million bulk sale of 111 residential condominium units at 100 West 93rd Street in Upper West Side Manhattan, NY

 Maria Daou 

 

 NEW YORK, NY— JLL Capital Markets has closed the $45.625-million bulk sale of 111 condominium units at 100 West 93^rd St., a 280-unit, 301,776-square-foot residential condominium property with ground-floor retail in New York City’s Upper West Side. JLL also assisted with the financing for the buyer.

100 West 93^rd Street, Upper West Side, Manhattan, NY

JLL marketed the bulk package at the multi-housing property on behalf of the seller, ABC Properties; Aulder Capital acquired the condominium units.

 Originally built in 1973, the 29-story property was converted to a condominium property in 2006 and features a successful ground-floor retail component anchored by a Trader Joe’s.

Bob Knakal

The building is located on the southwest corner of West 93^rd St. and Columbus Ave. 

The unit mix included in the sale consists of 22 studios, 41 one-bedrooms, 33 two-bedrooms and 15 three-bedrooms.

Most of the units are located on the upper floors, offering outdoor terrace space and sweeping views of the Hudson River and Central Park West.

Capital improvements to the property include upgrades to the lobby, hallways and amenities and the addition of more than 15,000 square feet of outdoor space.

 Hall Oster

The JLL Capital Markets team representing the seller was led by Chairman-NY Investment Sales Bob Knakal; Managing Directors Hall Oster, Paul Smadbeck, Jonathan Hageman; Vice Presidents George D’Ambrosio and Teddy Galligan, and Associate Braedon Gait.

The financing was led by Senior Managing Director Max Herzog and Vice President Marko Kazanjian.

 “This bulk condominium package will benefit from a repositioning campaign and the activation of the second-floor outdoor amenity space,” Knakal said.

Paul Smadbeck

“The layouts and configurations present significant opportunity for renovation as the units become vacant, with the possibility of market-rate rentals or individual unit sales.”

"There is substantial pent-up demand for high-quality residential units on the Upper West Side, and recent trends show signs of a strengthening sales market," added John Reid, VP of Acquisitions at Aulder Capital.

“This is Aulder Capital's second acquisition of bulk residential condominium units and their first in Manhattan.

Jonathan Hageman

Warburg Realty and top agent Maria Daou will remain the exclusive selling agents for the new sponsor and will be resuming active sales in fall 2021.

 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. 

George D’Ambrosio 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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 About JLL

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.

Max Herzog

JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

 

CONTACTS:

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

 George Shea, Rachel Tate

Shea Communications

Phone: +1 212 627 5766

Email: rachel@sheacommunications.com