S&H Equities is looking to cash in on a Manhattan mixed-use portfolio that contains eight buildings.
JLL has been tapped to market the 84,472 square foot portfolio that consists of 15 retail stores and 137 free market apartments. The brokerage is seeking $90 million from a potential sale.
The locations of the sites (spread across the Lower East Side, East Village, Upper East Side and Greenwich Village) are as follows: 156 Orchard St, 126 First Ave, 153 Ave. C, 181-185 East Houston St, 310 East 93rd St, 38-40 Carmine St, 90 Rivington St and 96 Orchard St.
According to JLL, the retail segment is 95 percent leased to tenants and generates $1.92 million in annual income. The properties were renovated last in 2000, with the weighted average lease term (WALT) now standing at 4.3 years.
All of the buildings lie next to multiple subway lines.
In Manhattan, multifamily is expected to surge this year, according to research by JLL, with the asset class projected to bring in annual volume that comes close to $5 billion.
“The S&H Portfolio will appeal to investors eager to capitalize on New York City’s housing fundamentals. With tight vacancies, strong rents and limited new supply, they remain among the strongest in the nation,” Vickram Jambu, one of the brokers marketing the sale for the Great Neck Plaza, Long Island-based firm, said in a statement.
Also, retail has been resilient this year across New York's Tri-State commercial real estate market, which includes the Big Apple and parts of New Jersey and Connecticut. A second-quarter report from CBRE found that the asset class' investment volume skyrocketed by 50.9 percent to $1.59 billion. That was the strongest among all CRE sectors that CBRE tracked in the second quarter.
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