By Daniel Geiger
1143 2nd Avenue, a 93-unit residential rental building that occupies the entire blockfront between 60th and 61st Streets is coming to market through an investment sales team at the real estate services company Jones Lang LaSalle.
According to information about the property contained in marketing material for the sale, the building’s 41 one-bedroom apartments and 52 studios are 97% percent occupied. The property is about 84,000 s/f and has roughly an additional 160,000 of buildable air rights. There is about 8,000 s/f of retail space on the ground, a collection of 13 stores and 200 feet of avenue frontage, which affords most of the space better prominence.
A person said that the JLL sales team, led by company executives Richard Baxter, Jon Caplan, Ron Cohen, and Scott Latham, is hoping to receive as much as $60 million for the property.
The JLL team couldn’t be reached for comment.
A source familiar with the property said that a family, which does not want to be identified, is selling the property.
The deal comes a few weeks after another recent sale nearby on Second Avenue. As Real Estate Weekly reported last month, 950 Second Avenue, a development parcel between 50th and 51st Street, was sold to Darban Investments, an Israeli group, for about $25 million. The firm will likely build residential condos on the site sources said, which can accommodate about 80,000 of development. That deal was brokered by a team from the services company Cushman & Wakefield.
