GO Partners, a joint venture between Josh Gotlib and Meyer Orbach, has acquired a multi-housing community for $387.5 million in the Murray Hill neighborhood of Manhattan. Located at 685 1st Ave, the 43-story property has 408 market-rate units, 148 condos and 9,693 square feet of commercial space.
JLL represented the seller and procured the buyer. Its Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Rob Hinckley and Jeff Julien, Vice Chairman Scott Panzer, Senior Managing Director Andrew Scandalios, Director Steve Rutman, Vice President John Taylor, Associate Jon Faxon and Analyst Joy Ryoo.
"685 1st Ave. is a truly best-in-class trophy asset that will benefit from fair market rents in a highly supply constrained market," Hinckley said in prepared remarks. "Its proximity to both the Class A office surrounding Grand Central Terminal and the water promenade along the East River make it an ideal location for a long-term hold."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
