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JLL Arranges High Line Portfolio Sale to Morgenstern
JLL Capital Markets has arranged the financing for Morgenstern Capital LLC’s purchase of a mixed-use, four-building High Line Portfolio. JLL managing director Jonathan Schwartz, vice chairman Aaron Appel, associate Brian Buglione and analyst Patrck Coter secured the $20.7-million acquisition loan from Raymond James Bank.
Schwartz noted that Morgenstern is planning a significant renovation program “to capitalize on the portfolio’s location within Chelsea, one of New York’s strongest multifamily and retail submarkets,” one which also is seeing new office development. “Morgenstern Capital has successfully executed re-positioning strategies across 35 assets, many of which had similar business plans to the High Line Portfolio.”
The High Line Portfolio includes three contiguous mixed-use buildings at 505 W. 22nd St., 203 and 205 Tenth Avenue, and one adjacent retail building at 207 Tenth Ave. It includes 26 residential units and four retail units, and comes with more than 11,000 square feet of unused air rights.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
