Largest multi-housing acquisition of 2023 closes at 600 Columbus Ave.
JLL Capital Markets arranges $120M sale of 14-story full-service elevator building on
Upper West Side of Manhattan
NEW YORK, N.Y., June 28, 2023 – JLL Capital Markets announced the $120 million sale of 600 Columbus Ave., a 14-story full-service elevator building spanning an entire block front between West 89th and West 90th Streets on the Upper West Side of Manhattan.
JLL represented both the sellers and the buyer, a joint venture of New York owner, operator and developer Slate Property Group, New Jersey-based investment, development, and management firm, KABR Group, and equity platform, Avenue Realty Capital (ARC). The transaction represents the largest single multi-housing acquisition in New York City so far this year.
Built by Columbus Townhouse Associates in 1986, 600 Columbus Ave. comprises 166 apartments, 27,500-square-feet of retail and 100 parking spots. The building features six commercial spaces situated on the ground and second floors and occupied by tenants including ACE Hardware, Atmosphere Kitchen & Bath, Round Star Soccer and Columbus Pre-School.
The property is nestled between Central Park, Riverside Park and Theodore Roosevelt Park and surrounded by dynamic retail, restaurant and cultural offerings, including the American Museum of Natural History, Lincoln Center and the Metropolitan Opera House. It offers close proximity to Columbia University and Fordham’s Lincoln Center campus and multiple transportation options, including the 1, 2, 3, B, and C trains, providing connectivity to Midtown in under 15 minutes.
“This was a great deal for both parties,” said Bob Knakal, Head of JLL’s New York Private Capital Group, who arranged the transaction with Senior Managing Directors Rob Hinckley and Jeff Julien, and Managing Directors Jonathan Hageman and Hall Oster. “The sellers were able to monetize the asset in a very challenging market and the buyers were able to pick up a property with significant embedded upside.”
JLL’s Capital Markets group 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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Slate Property Group
Slate Property Group is a vertically integrated owner, operator, and developer of residential and commercial real estate in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development, the Slate team leverages extensive experience in the residential asset class, in-house teams dedicated to the separate phases of a real estate investment, and a regimented approach toward executing a business plan to seek superior risk-adjusted returns for its investors. Over the last decade, the principals of Slate Property Group have purchased in excess of $6 billion in real estate assets totaling over 3,000 units across approximately 50 investments.
About KABR Group
KABR is a vertically-integrated private equity real estate firm responsible for the investment, development, and management of real estate. The portfolio includes commercial, multifamily, industrial, hospitality, and development.
About Avenue Realty Capital
Avenue Realty Capital ("ARC") is a real estate investment firm focused on middle market multifamily and mixed-use properties throughout the New York metropolitan area of NY, NJ and CT. ARC provides capital and expertise to local operating partners through a flexible investment structure tailored to each transaction.