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Deals & Dealmakers

JLL closes on sale of turn-key Upper West Side apartment building

JLL Capital Markets announced today that it has closed on the $9.5 million sale of 203 West 80th St., a turnkey Upper West Side luxury apartment building with 10 recently-renovated free market units. JLL represented the seller, a joint venture of Alchemy Ventures and Z+G Property Group. The property was acquired by and overseas investor.

Located on the north side of West 80th Street between Broadway and Amsterdam Avenues, 203 West 80th St. recently underwent a full renovation which comprised of gut renovations of all apartments, new building systems and upgraded common areas.

Originally built in 1900, the building is configured as 10 rental apartments, all of which are free market. The units consist of four one-bedroom apartments, four two-bedrooms and two three-bedroom apartments. The ground floor apartments are combined with the cellar to create front and back duplexes, and the 5th floor apartments are combined with two 6th floor additions to create front and back penthouses with private rook decks.

The well-located property is steps from the world class retail corridors of Broadway and Amsterdam Avenue and only an eight-minute walk from Central Park. Nearby transportation options include the 79th Street 1 subway station and the 81st B-C subway station.

The JLL Capital Markets team representing the seller was led by Managing Directors Hall Oster and Paul Smadbeck; Vice Presidents Teddy Galligan and Conrad Martin; with Associate Braedon Gait.

“Ownership executed a meticulous renovation during the peak of the pandemic and delivered a level of finish absent from the Upper West Side,” said Oster. “The purchasers will benefit from the quality renovations as the market continues along the Covid recovery.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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