NJ investors pay $11M for UWS building

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JLL Capital Markets announced today that it has completed the $11.4 million sale of 57 West 86th St., a 13,290 s/f building located on the Upper West Side.

JLL worked on behalf of Endeavor Guidance to complete the sale to Michael Herzog, LLC and David Herzog, LLC, owners of Lakewood NJ, investment company Star Developers.

The four-story property includes a 6,300 s/f retail space on the ground
floor, currently occupied by Investment Banking Company and 12 rental residential
units. The property features two studios, nine one-bedroom units, and
one two-bedroom unit. Four of the apartments enjoy attractive outdoor spaces.

The building is located on the north side of West 86th St. between Central Park West and Columbus Ave., less than a block from Central Park. The 86th St. subway station (B, C) is less than a block away. Nearby Columbus and Amsterdam Ave. offer some of New York City’s most dynamic bars, restaurants and shopping options.

The JLL Capital Markets team representing the seller was
led by Managing Directors Paul Smadbeck and Hall
Oster, and Associates Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon
Gait.

“57 West 86th St., with its superior Upper West Side location, is a solid income-producing asset with great credit in as the prime retail tenant,” said Smadbeck. “As such, the offering attracted a tremendous amount of attention from investors across a wide spectrum.”

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