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NEW YORK CITY-JP Morgan Investment Management is purchasing the Wimbledon, a 230-unit luxury apartment complex, from P&H Associates The property, located at 200 E. 82nd St. in the popular upper east side of Manhattan, is changing hands for $150.35 million.

“It’s one of the most prominent neighborhoods of Manhattan,” Jubeen Vaghefi, managing director, at Jones Lang LaSalle tells GlobeSt.com. “The upper east side has got great access to anywhere in the city. You’ve got great schools, good neighborhood amenities; a fantastic location.”

The 28-story building has 6,203 sf of retail that is fully leased and occupied by Citibank. Adjacent to 3rd Avenue, the property is within close proximity to Central Park and the Metropolitan Museum of Art. Amenities for the complex include a 24-hour doorman, concierge service, an on-site superintendent with repair and porter service.

Despite its location, the “average rents in the building were significantly below market,” says Vaghefi. With JP Morgan’s purchase, he explains, physical improvements will be made and “rents moved to market” price for the area. The properties average rental rate per unit is currently $3,081 per month. The coup for JP Morgan is the purchase of a valuable property in a tight market. The rigorous process of getting properties into construction takes years, says Vaghefi, sometimes up to 10 to 15 years to get through various legalities and permitting. Along with the converging of rental properties into condos over the years, a lot of property has come offline, causing continued pressure on Big Apple rental rates.

“Almost anywhere in New York, it’s very hard to replicate a multifamily asset, certainly in this location more so than others,” Vaghefi comments. “There’s been very little in the way of rental multifamily development over the years and being as desirable as it is, it’s a great place for an investment.”

The buyer and seller were represented by JLL’s Multifamily Capital Markets team with managing directors Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville handling this deal.

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