$77.5 Million Non-Performing Office Loan
US - Washington, DC
$77,500,000 | 306,859 sf
JLL has been retained on an exclusive basis to arrange for the sale of 589 Eleventh Avenue, a 25’ wide, new construction, six-story commercial building located on the northwest corner of West 44th Street and Eleventh Avenue. Originally, a single-story restaurant, ownership completely redeveloped the property in 2020 into a boutique commercial asset featuring approximately 14,500 RSF in total.
589 Eleventh Avenue can be delivered vacant which presents an exceptional opportunity for a wide array of potential purchasers and/or users to occupy either a portion or the entirety of the asset. Alternatively, ownership is prepared to long term lease the ground floor and lower level restaurant / bar which would allow for the eventual purchaser to benefit from immediate cash flow from an established neighborhood tenant. Furthermore, the M2-4 zoning district allows for manufacturing, commercial or community facility uses and thus could accommodate virtually any type of commercial / not-for-profit users.
Delivered Vacant: Immediate possession allows for a user to occupy the space and benefit from the rights of ownership.
Potential Retail Leaseback: Current ownership is prepared to enter into a long term lease which would provide substantial income to an investor and/or user
New Construction Asset: Ownership recently completed redevelopment in 2020, adding 5 stories to the existing structure.
100 Feet of Frontage along West 44th Street allowing for great exposure along the corridor
Excellent Light & Air Generous 13’6 Ceiling Heights with plentiful windows creating a bright and open setting
Dynamic Location: Immediately adjacent to Midtown and just north of Hudson Yards, the area has seen a residential building boom, expanding neighborhood amenities, and a growing corporate prominence that could deliver outstanding appreciation potential.
Excellent Transportation Access: Close proximity to subway, bus stations, and West Side Highway.