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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.
- ◦Sale/Acquisition

