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Kahen Properties paid $33.75 million to acquire a mixed-use portfolio in Manhattan's Lenox Hill neighborhood

Kahen Properties Acquires Lenox Hill Portfolio

JLL Capital Markets closed the $33.75-million trade of a three-building mixed-use multi-housing and commercial portfolio in Manhattan’s Lenox Hill neighborhood. 

Located at 1026 Third Ave. and 1020-1024 Third Ave., the portfolio was acquired by Kahen Properties, a New York-based development firm. 

JLL represented Kahen Properties in the $9.75-million acquisition of 1026 Third Ave. Nick Judson, principal of Judson CRE, represented the seller, Portfolio4 LLC. Additionally, JLL represented the seller, JANS Investment Company LLC, in the $24-million sale of 1020-1024 Third Ave. 

The JLL Capital Markets Investment Advisory team was led by managing director Clint Olsen and associate Stephen Godnick. 

“The tenant mix and zoning of these properties positions the buyer to capitalize on a fully-recovered rental market in one of the city’s most affluent neighborhoods,” said Olsen. “Coupled with prime retail space and a choice of transportation options, this value-add portfolio offers substantive long-term growth opportunities.” 

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JLL's Olsen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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