Barings is saying goodbye to a Manhattan Midtown West mixed-use multifamily property. The global asset manager sold 418-unit Riverbank for $243.5 million, according to an announcement from JLL, which arranged $128.3 million in acquisition financing on the deal and represented Barings.
The buyer was listed as an institutional investor.
Riverbank benefits from its location, which is just a few minutes walk from Hudson Yards, with the area hosting almost 19 million square feet of Class A office space, according to JLL. Many top consulting, tech and finance companies are based in the neighborhood, JLL said.
"The exceptional quality of this product, with its premium finishes and comprehensive amenities package in such a well-positioned building, created a lending opportunity that was extremely well received by lenders," Kelly Gaines, senior managing director at the brokerage, said in a statement.
"Combined with limited supply and strong rent growth in the area, we're pleased to have arranged financing that benefited all parties."
Riverbanks' residential component offers 270 one bedrooms, 62 two bedrooms, 43 three bedrooms and 43 studios. The majority of the units at the property include balconies. The 44-story building includes 18,000 square feet of retail that's 100 percent occupied by a coffee shop, a liquor store and a nail salon. Some additional amenities include a 5,000 square foot lounge, coworking space, a media room, a gym, a swimming pool, grilling stations and an outdoor terrace.
In multifamily, the Northeast overall has continued to show resilience, as an influx of supply hits many other markets nationally. In fact, over the past four quarters, the Northeast has experienced 2.4 percent rent growth, along with the Midwest, a recent Apartments.com report found.
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