85 South Street

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the sale of 85 South Street (the “Property”), an 8-story, 52,005 GSF multifamily building in the heart of Manhattan’s vibrant Seaport neighborhood.

The Property, originally a commercial building built in 1902 and then converted to residential use in 1989, comprises twenty-one (21) residential apartments and one (1) ground-floor retail space. The residential unit mix consists of nine (9) marketrate apartments (43%) and twelve (12) rentstabilized apartments (57%), one of which benefits from a Senior Citizen Rent Increase Exemption (SCRIE). The expansive market-rate units average 1,929 square feet, with in-place rents of $6,823 ($42/RSF). These rents represent a substantial discount to the neighborhood, presenting a clear value-add opportunity in a rapidly appreciating location. 85 South Street also boasts an expansive rooftop, presenting a unique opportunity to create a manicured public or private outdoor space with spectacular skyline and water views.

The Seaport has undergone a remarkable revitalization, transforming from a seasonal tourist spot into a year-round destination for culture, dining, and entertainment. Central to this renaissance is Pier 17, a premier waterfront venue, located directly across the street, with a stunning rooftop concert stage and worldclass restaurants offering unparalleled views of the Brooklyn Bridge. Steps away, the historic Tin Building has been masterfully reimagined by Jean-Georges Vongerichten as a sprawling culinary marketplace.

85 South Street boasts exceptional connectivity. Its prime waterfront location provides immediate access to the Pier 11/Wall Street ferry terminal and is just a short walk from the iconic Brooklyn Bridge. The building is also only a 6-minute walk from the Fulton Center transit hub, which serves the 2 3 4 5 A C J Z subway lines.

85 South Street represents a unique opportunity to acquire a well-positioned asset with significant value-add opportunities. An investor can capitalize on the large, below-market loft units while leveraging the momentum from neighborhooddefining developments like the Fulton Market, Pier 17 and the Tin Building. The property is also poised to benefit from the area’s growing residential appeal, driven by high-profile office-to-residential conversions, which are expected to add an additional 5,000 residential units to Lower Manhattan.