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New York & Tri-State  + Midtown New York  + Apartments  | 
JLL arranged the $41.5-million sale of a two-building multifamily portfolio in Manhattan's East Midtown

Two-Building Midtown Portfolio Garners $42M 

JLL Capital Markets arranged the $41.5-million sale of 959-961 Second Ave. and 246 E. 46th St., a 105-unit, two-building multifamily portfolio in East Midtown.  

The team of Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai. Stephen Godnick and Jacob Russell arranged the sale on behalf of nonprofit JT Tai & Company Foundation. The buyer was Oak B. Management, a local private investor that plans to renovate and reposition the existing buildings. 

“This was an incredible investment opportunity that provides the buyer with a runway to future upside through 32,336 square feet of development potential at 959-961 Second Ave. while doubling down on a location that affords tenants of both properties the convenience of walking to work, tremendous restaurant and retail offerings and multiple transportation options,” said Knakal. 

The two properties were part of a four-building portfolio. A remaining property at 17 E. 70th St. is still available for sale. 

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Inside The Story

JLL's Knakal

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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