Description

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the sale of the leasehold interest in Aalto57 (the “Property”), a premier mixed-use asset located at 1065 Second Avenue in Manhattan’s Midtown East neighborhood. Built in 2016, the Property occupies a prime corner location on Second Avenue and spans the full block between 56th and 57th Streets. Aalto57 is 100% fair market, featuring 169 luxury residential units above 66,513 square feet of large-format retail.

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Attributes

Number of units

169

Occupancy

98%

Year built

2016

Rentable area

228,228 sf

Media

Investment Highlights

Extremely rare opportunity to acquire a newer-vintage, 100% fair market mixed-use asset
Institutionally owned and managed for the past decade
Luxury apartment homes are well appointed with condo level finishes, floor-to-ceiling windows, and soaring 9-11’ ceilings
Valuable PILOT agreement provides significant tax savings through May 2035
95% leased large-format retail investment featuring a 7.4-year weighted average lease term, with 88% of tenants rated creditworthy and no termination options
Long-term Whole Foods anchor with 14+ years of continuous operation and over 11 years of remaining term
Premier Midtown East location with walkability to Manhattan’s central business district, retail, and public transit