560 W 43rd St, New York, NY, 10036-4300, US

Riverbank Apartments

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the fee simple sale of Riverbank (the “Property”) a 44-story multi-housing asset located at 560 West 43rd Street in the Midtown West neighborhood of Manhattan, New York. Riverbank’s 418 rental units are 100% fair market and the Property features nearly 18,000 square feet of retail as well as a below grade parking garage.

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Attributes

Number of units

418

Occupancy

97%

Year built

1987

Building area net

36,053 m²

Media

Investment Highlights

Extremely rare opportunity to acquire a 100% fair market asset at a value that is +/- 45% discount to replacement cost (assuming $1,400 PSF for new tower construction)
Institutionally owned and managed for over 30 years
Luxury apartment homes are well appointed with high end finishes, private balconies, and an extensive amenity package
90% of units have private balconies
In place rents are 11% below the competitive set, representing a significant upside opportunity
Blue chip resident demographic - Riverbank’s location and extensive amenity package attracts affluent, young residents whose average income is more than 2.75x higher than the New York City average
Walkability to Hudson Yards – Riverbank residents are a short 12-minute walk to Manhattan’s leading employment hub (~19 million square feet of new Class A office space)
Multifamily fundamentals projected to remain robust due to stifled residential construction pipeline and strong demand
Dynamic waterfront neighborhood — Proximate to the Hudson River, and an array of shopping, dining, and recreational activities on the West Side