NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan.
Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that is fully occupied by a variety of service-oriented tenants, including a nail salon, liquor store and coffee shop.
Most of Riverbank’s units feature balconies with city and Hudson River views, and residents have access to a plethora of amenities that include a 5,000-square-foot lounge called the Harbor Club, which has poker and billiards tables, a media room and coworking space. There is also an olympic-sized pool, a fitness center, sauna and outdoor terrace space with grilling stations.
The JLL Capital Markets Sales and Advisory team that arranged the sale was led by Senior Managing Directors Jeffrey Julien, Rob Hinckley and Andrew Scandalios, Managing Director Steven Rutman and Vice President Devon Warren. JLL’s Debt Advisory team included Senior Managing Director Kelly Gaines and Managing Directors Geoff Goldstein and Michael Shmuely.