JPMorgan subsidiary buys Midtown Manhattan apartment high-rise for $244M
Barings sold 44-story apartment building after 30-year ownership.
Property features 418 units and 18,000 square feet of retail space.
A JPMorgan Chase & Co. subsidiary has paid nearly $244 million to acquire the Riverbank apartment high-rise in Midtown West.
Real estate investment manager Barings sold the recently renovated 44-story building at 560 W. 43rd St. to J.P. Morgan Investment Management Inc. for $243.5 million, according to New York City property records made available Friday.
GET TO KNOW YOUR CITY
Find Local Events Near You
Connect with a community of local professionals.
Explore All Events
'Barings has been proud to provide Class A housing to New Yorkers over the last 30 years at this property and to deliver meaningful value to our investors through this transaction," said Mark Freeman, managing director at Barings, in a statement.
Affiliates of Barings' parent company, Massachusetts Mutual Life Insurance Co., had owned the site near Hell's Kitchen since 1991, records show. Initially built in the 1980s, amenities at the 418-unit property now include a swimming pool, gym, sauna, outdoor terrace, grilling stations, residential lounge, media room and coworking space.
The building also has 18,000 square feet of retail space, which is fully occupied by a nail salon, liquor store and coffee shop, as well as below-grade parking garage.
JLL's Jeffrey Julien, Rob Hinckley, Andrew Scandalios, Steven Rutman and Devon Warren represented Barings in the sale of the property. The firm's Kelly Gaines, Geoff Goldstein and Michael Shmuely also arranged $128 million in acquisition financing with Freddie Mac on behalf of JPMorgan.
JLL took note of the site's proximity to Hudson Yards, the city's most expensive office submarket by more than $26 per square foot, according to Avison Young.
"The location puts the building's primarily young and well-educated residents right next to one of the city's most vibrant business hubs," JLL said in the statement.
JPMorgan Investment Management Inc. declined to comment on the acquisition.
Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting New York.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
36 minutes ago
Some of Mamdani's platform is surprisingly similar to Bloomberg's, experts say
He proposed free crosstown buses. He pushed for steep tax hikes on the wealthy—including an 18.5% property tax increase— insisting none of his rich friends threatened to leave the city over higher taxes. He championed millions to build supermarkets in long-neglected neighborhoods. And under his plan, city workers could give privately raised cash to New Yorkers booking dental appointments or keeping their children in school. These progressive policies, however, are not from New York City's Democratic nominee for mayor, Zohran Mamdani. Experts said they were from Michael Bloomberg, New York's billionaire former Republican mayor and a prominent supporter of Andrew Cuomo's run for mayor. As Mamdani reshapes the city's political map, some experts told ABC News a striking parallel is emerging. Behind the labels of "socialist" and "technocrat," both men share aligned goals: taxing the rich during crises, promoting expansive transit ideas, and bold plans to bring fresh food to low-income communities. Still, experts said, even when policies overlap, most New Yorkers do not see them as similar. They point out many people know Mamdani as an organizer who has posted that capitalism is a form of thef t; Bloomberg as a businessman who built a fortune managing the free market that Mamdani is critiquing. Mamdani identifies himself as a democratic socialist and has stated, "I don't think that we should have billionaires." Bloomberg is one of the richest people in the world. Neither Mamdani nor Bloomberg provided statements to ABC News. Mamdani recently acknowledged in a private meeting with business leaders that he hopes to emulate Bloomberg on a few issues — even as he draws fire from many in the business community, sources familiar told ABC News. "There's a resistance from a lot of powerful forces ... And it doesn't have to do with Mamdani's politics, it has to do with the fact that he doesn't come from them," Democratic strategist Peter Feld told ABC News. Bloomberg spent $8 million backing Cuomo's failed bid to become the Democratic nominee for mayor. "If you said which of these things go together, you probably wouldn't pick Bloomberg and Mamdani," Christine Quinn, the former city council speaker who helped Bloomberg pass key policies, told ABC News. "But when you peel away at the onion, there's a lot of similarities." Free buses As early as 2007, Bloomberg spoke about his public transit goals, telling WABC, "If you were to design the ultimate system, you would have mass transit be free and charge an enormous amount for cars." During his 2009 re-election campaign, Bloomberg proposed making some Manhattan crosstown buses free of charge. An archived screenshot from his campaign website states, "The MTA should eliminate fare collection..." At a campaign event, he called the MTA "bloated" and "inefficient." The New York Times contrasted observers calling the proposal "radical," and a Regional Plan Association official saying it "captured people's imaginations." A Mamdani campaign pillar calls for free fares on all bus lines. After piloting a fare-free program on five lines as an assemblymember, Mamdani compared it to Kansas City and Boston's free programs. Cuomo's bus plan for mayor includes evaluating the "expansion of a fare-free bus pilot program" that Mamdani championed, and expanding a 50% discount on public transportation for low-income residents. Regional Plan Association's Kate Slevin, who served in city government under Bloomberg, said she "can't remember other mayoral candidates" with a similar plan for free buses. Slevin told ABC News, "When it comes to fares, those are the only two I can remember." After Bloomberg won, a transportation website reported he removed the proposal from his website. The plan was never implemented. Both men faced criticism over feasibility - the MTA controls bus fares. Mamdani has not publicly highlighted Bloomberg's old bus proposal, but he's aware of at least one Bloomberg transportation initiative: in a recent video about expanding dedicated bus lanes, he said, "It's not a new proposal, Mayor Bloomberg suggested it in 2008." Taxing the wealthy After 9/11, during New York City's financial crisis, Mayor Bloomberg increased property taxes by 18.5%, short of his original 25% push. Months later, Bloomberg raised sales and income taxes. Single filers earning over $100,000 were among those impacted. "[Bloomberg] knew that to make New York livable, you had to raise taxes, and he put that as a priority, rather than to simply cut the budget and vital services," NYU Professor of Urban Planning and Policy, Mitchell Moss, told ABC News. "Taxes were not a peripheral part of his fiscal policy. They were a central part." In a 2007 USC speech, Bloomberg reflected, "As a last resort, we even raised property taxes and income taxes on high-earners," recalling backlash, saying "raising taxes didn't make me the most popular..." In response to concerns New Yorkers may leave, Bloomberg told WNYC: "I can only tell you, among my friends, I've never heard one person say I'm going to move out of the city because of the taxes ... Not one." Former Mayor Bill de Blasio attempted to raise taxes on the wealthy to fix subways, but was not successful. Mamdani proposes permanent additional 2% tax increases for earners making over $1 million and raising corporate taxes. Bloomberg framed his hikes as temporary, specifically tied to emergencies. However, even Bloomberg acknowledged that his tax revenue supported broader ambitions. "Mike Bloomberg raised taxes following 9/11 out of fiscal necessity, not ideology," Ed Skyler, a senior executive at Citigroup and former deputy mayor for Bloomberg, told ABC News. At USC, he said increases, "allowed us to close the huge budget deficits, balance the books and continue investing in the future: building new schools, revitalizing old industrial areas, creating the largest affordable housing program in the nation, supporting our cultural institutions, parks, libraries, and universities, and expanding world-wide advertising to attract businesses and tourists." Food policy for low-income communities Under Bloomberg, starting in 2009, dozens of FRESH grocery stores opened. Many are still operating today. The program offered public subsidies to private grocery operators to boost access to fresh food in underserved neighborhoods. Quinn, then city council speaker and a key player in passing the program, said they always asked: "how do we use the powers of the city of New York to jolt the private sector into action?" Bloomberg frequently sought to merge public and private efforts—through initiatives like his Green Carts program —which supplied permits for vendors selling fresh produce in "food deserts," and Health Bucks, which enabled discounted food to be purchased at farmers markets. Mamdani proposes one municipally owned, nonprofit grocery store in each borough, offering goods at wholesale prices. On " Plain English," Mamdani said his plan would cost less than FRESH. CUNY School of Public Health Professor Nevin Cohen said he believes Mamdani's plan would cost less than Bloomberg's, too. He wrote a piece titled " Guess What? Government Is Already in the Grocery Business," mentioning existing markets in Madison and Atlanta. Mamdani's idea isn't new to the city. Former Mayor Fiorello La Guardia created the first public market network and several still remain today. Under Bloomberg, one such market—Essex Market—was rezoned and relocated to a new, modern space. Cohen said Bloomberg and Mamdani's plans "are not just similar. They actually had the same underlying goal." Cohen said, "Bloomberg very much intervened in the market" and sent an old advertisement of Bloomberg, dressed as a nanny, labeled, "You only thought you lived in the land of the free." Quinn also notes that many of Bloomberg's plans faced resistance, but once implemented, became part of the city's fabric. "What is radical on Monday often becomes widespread by Wednesday," Quinn said.
Yahoo
an hour ago
- Yahoo
Walmart Stock Has Been Stuck Since April. Why J.P. Morgan Sees 35% Upside.
Walmart stock has been in a rut since April. The retailer may be poised for big gains over the next 18 months, thanks to gains with wealthier shoppers and a savvy tariff strategy, according to J.P. Morgan. Walmart's fate is closely tied to the mood of U.S. consumers. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
JPMorgan Initiates Coverage on Argan (AGX) with Neutral Rating Amid Energy Expansion
Argan, Inc. (NYSE:AGX) is one of the growth stocks that could double by 2027. On July 21, JPMorgan initiated coverage on AGX with a Neutral rating and a $220 price target, citing the company's strong position in the engineering, procurement, and construction (EPC) space through its Gemma subsidiary. A worker in a hard hat and safety gear overseeing the construction of a major energy project. The firm sees Argan as a key player in the anticipated multi-year buildout of U.S. gas power plants, which is expected to drive the bulk of its growth. Argan's exposure to solar-plus-storage and industrial construction adds diversification, though JPMorgan notes recent volatility tied to AI data center themes. The bank suggests a more favorable outlook could emerge if the stock experiences a meaningful pullback from current levels. Argan, Inc. (NYSE:AGX) delivers EPC and technical services for large-scale energy projects across the U.S., Ireland, and the U.K. Its operations span power generation, industrial construction, and telecom infrastructure, serving clients in sectors ranging from utilities and manufacturing to government and technology. While we acknowledge the potential of AGX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
