$185MM Mixed-Use Loan Sale | Washington, DC
US - Washington, DC
HK$1,450,225,000 | 488,801 sf
JLL has been retained to sell a diverse portfolio with development potential, premier locations and flexible uses on behalf of long term, generational owners. The properties have not changed hands in over 50 years and are prime for value creation. The properties included are 43 West 8th Street, 51 and 57 West 8th Street (Marketed for sale together), 44-46 West 8th Street, 233 East 59th Street and 1576-1578 Third Avenue.
43 West 8th Street is prime candidate for the New York Substantial Rehabilitation program and is ideal for value add investors. 51 and 57 West 8th Street have a combined 34 residential units and 2 retail spaces. 44-46 West 8th Street is an ideal user building that is perfect for a restaurant or entertainment occupier and has the ability to offer a developer over 20,000 buildable square feet of development potential. 233 East 59th Street is a user opportunity with vacant retail and in-place cash flow generated by 13 residential units. Lastly, 1576-1578 Third Avenue are mixed-use buildings with real development potential on either side of Third Avenue.
The properties are all being marketed individually with the exception of 51-57 West 8th Street. This rare portfolio offers investors the opportunity to purchase assets in New York’s most sought after neighborhoods.