JLL Capital Markets closed the sale of One Sutton Place, Two Sutton Place and One East River Place located on the Upper East Side
JLL Capital Markets announced today that it has closed the approximately $825 million sale of three Upper East Side multi-housing properties totaling 858 units, including One Sutton Place, Two Sutton Place and One East River Place, that are part of a larger five-property portfolio.
JLL exclusively represented the seller, Solow Building Company, and an equity syndication by GO Partners acquired the assets. GO Partners is a partnership between Black Spruce Management and Orbach Affordable Housing.
Sheldon H. Solow, the renowned real estate developer/investor, developed all five properties. They include:
- The 234-unit One Sutton Place at 420 E. 61st St, New York, NY
- The 209-unit Two Sutton Place at 1113 York Ave., New York, NY, which includes 2,000 square feet of commercial space
- The 415-unit One East River Place at 525 E. 72nd St., which includes 27,275 square feet of commercial space
The three properties offer spacious units with an average size of 989 square feet, allowing ample room for families wanting proximity to the Upper East Side’s prestigious schools, as well as young professionals conducting hybrid work-from-home lifestyles. Additionally, the portfolio offers some of the few black glass façade residential buildings within Manhattan.
The 408-unit 685 1st Ave. was the first property to close of the larger portfolio with JLL representing the seller (announced in October), bringing the total portfolio transaction amount thus far to $1.2 billion. An additional property of the portfolio is currently under contract between the parties.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Rob Hinckley and Jeff Julien, Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Senior Director Steve Rutman, Vice President John Taylor and Associates Jon Faxon and Joy Ryoo.
“The Solow Company was decades ahead in their construction of these assets in terms of quality and amenities. It will be exciting to see where new ownership will take them into the future,” said Hinckley.
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 and sales 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.
About GO Partners
Go Partners is a vertically integrated real estate development and investment firm where innovation and thoughtful planning converge to curate urban developments of the future, founded by Meyer Orbach‘s Orbach Affordable Housing Solutions and Josh Gotlib’s Black Spruce Management. In 2022, the firm closed more than $2 billion in assets encompassing a portfolio of over 2,000 apartments consisting of Class A iconic New York City buildings that have reshaped the city’s skyline. These include The Copper Buildings, One East River Place, One United Nations, and 1 & 2 Sutton Place North. The company also has more than $500 million of deals set to close in the coming months. With their sharp knowledge of the industry, Go Partners takes pride in building their credibility with dedication and excellence.
For more information, visit gopartnersdevelopment.com.
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. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
