515 W 38th St, New York, NY, 10018

Henry Hall

Asset Description

Jones Lang LaSalle has been retained on an exclusive basis to arrange the 100% fee simple sale of Henry Hall (the “Property”) a 33-story, 225-unit luxury multi-housing asset located at 515 West 38th Street in the Hudson Yards submarket of Manhattan, New York. Delivered in 2017, the building was designed by world renowned interior designer Ken Fulk. Complete with a double-height lobby and a 10-foot custom brass chandelier, Henry Hall is reminiscent of a classic New York City boutique hotel. The Property features 12,500 SF of curated, high-end neighborhood retail including a restaurant/bar and lounge, coffee shop, and wine store. Additionally, there is a 421a-15 real estate tax exemption, reducing the Property’s tax liability through 2039.

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Attributes

Number of units

225

Year built

2017

Building area gross

14,749 m²

Media

Investment Highlights

Extremely rare opportunity to acquire a luxury, boutique multi-housing asset in Manhattan at well below current replacement costs
Exceptionally designed residences with high end finishes, private balconies, and an extensive amenity package
Value add multi-housing opportunity including raising rents to legal and normalizing expenses
Property benefits from the 421a-15 program, providing significant real estate tax savings through 2039
Walkability to Hudson Yards – Residents are a 5-minute walk to Manhattan’s premier employment hub, helping bolster residential demand at the asset
Multi-housing fundamentals projected to remain robust due to stifled residential construction pipeline and strong demand