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JPMorgan subsidiary buys Midtown Manhattan apartment high-rise for $244M
Story Highlights JPMorgan subsidiary acquires Riverbank tower for $243.5 million.
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.
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'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.
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