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JV Pays $388M for Solow’s Murray Hill Apartments
JLL’s Capital Markets group closed the $387.5-million sale of 685 First Ave., a market-rate rental apartment property in Midtown Manhattan’s Murray Hill neighborhood. The seller was Solow Building Company and the buyer was GO Partners, a joint venture between Josh Gotlib and Meyer Orbach, which also brought in other syndicated partners.
Built in 2018, the 43-story, 460-foot-high community Includes 408 rentals on the lower 27 floors and 148 one- to four-bedroom condominiums on the top 16 floors. It’s just south of the United Nations headquarters along the East River.
The JLL team was led by senior managing directors Rob Hinckley and Jeff Julien, vice chairman Scott Panzer, senior managing director Andrew Scandalios, director Steve Rutman, VP John Taylor, associate Jon Faxon and analyst Joy Ryoo.
“685 First Ave. is a truly best-in-class trophy asset that will benefit from fair market rents in a highly supply constrained market,” said Hinckley.
- ◦Sale/Acquisition
