New York City—Henley City Living has purchased a $23 million asset, Hayes Court, in Queens. New York. The approximately 50,000 square-foot property comprises 56 residential units and six commercial suites. The office spaces are leased to a mix of dentists, doctors and other professional services providers.

The two five-story, mirrored buildings are located at 33-53 82^nd St. and 33-54 83^rd St. in Jackson Heights. The property encompasses a full block front and occupies more than a half acre of land. It offers 460 feet of wraparound frontage and a fully landscaped inner courtyard.

Henley City Living is a sub-brand of Henley USA, the US branch of the UK private equity real estate investor, Henley Investments. The building, originally constructed in the 1920s, allows for redevelopment potential which Henley City Living notes will be used to derive additional value from the property. The developer plans to reconfigure the majority of apartments, adding bedrooms to oversized units.

The renovations will include the common areas, including creation of a rooftop balcony and adding technological amenities such as new building and unit entry systems, and more apartment services. Henley City Living also will replace the heating system with a natural gas boiler and hot water heater.

“The additional purchase by Henley USA in Jackson Heights, New York, demonstrates our ongoing strong momentum and appetite in the market,” says Ian Rickwood, CEO of Henley Investments. “Through both unit renovation and active asset management, multifamily assets in prime locations provide the opportunity for significant upside and rental returns.”

“This acquisition provides us with an exceptional opportunity to purchase a high quality asset in a prime location with excellent access to Manhattan,” says Garrett Solomon, president of Henley USA.

Ron Solarz, executive managing director and principal for Eastern Consolidated, exclusively represented the seller, and represented the buyer. All parties declined to disclose the identify of the long-term owner.

Solarz notes, “It is very rare for buildings like this to come to market, particularly in Jackson Heights, where the housing stock consists primarily of co-operatives and where rentals and condos are in short supply.”

Henley USA launched its five US-based team members in offices in Boston and Orange County, CA, in the summer of 2016, as reported in GlobeSt.com. It purchased its first NYC properties, establishing the new brand, Henley City Living in October 2017 and anticipates announcing additional acquisitions in the new year.

Instant Insights /

Henley City Living Buys Jackson Heights Multifamily Property

Related Stories

Recommended For You