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JV Pays $105M for Gramercy Park Apartments
(Updated with additional information)
JLL Capital Markets completed the $104.5-million sale of 210-220 E. 22nd St. a seven-story, 204-unit rental building located in Manhattan’s Gramercy Park neighborhood. A JLL team including Andrew Scandalios, Jeffrey Julien, Rob Hinckley and Steven Rutman represented the seller, a global real estate investment advisor and the buyer, a joint venture of Robert Morgenstern’s New York-based Canvas Property Group, Declaration Partners and Tokyu Land US Corporation. Blank Rome attorneys Samantha Wallack and Maria V. Rodriguez oversaw the sale through their representation of Canvas.
“Gramercy Park has historically been and continues to be one of the most supply-constrained submarkets in New York City,” said Hinckley. “For those working in the Midtown South tech sector or First Avenue medical corridor, 210-220 E. 22nd St. offers a coveted walkable commute and a dynamic neighborhood to live.”
Comprised of two adjoining, complementary buildings with connectivity on the ground floor, the 95% occupied 210-220 E. 22nd is a 100% fair market property. Approximately half the units have been fully renovated.
- ◦Sale/Acquisition
