Multifamily Asset at 740 West End Avenue Up for Sale
The Upper West building is expected to fetch around $55 million.
By Andrew Coen November 5, 2021 10:22 am
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The 14-story multifamily property at 740 West End Avenue on Manhattan’s Upper West Side has hit the market, Commercial Observer has learned.
JLL Capital Markets is exclusively marketing the property. The team is comprised of Bob Knakal, chairman of New York investment sales; Hall Oster, Paul Smadbeck and Jonathan Hageman, managing directors; Teddy Galligan, a vice president; and Braedon Gait, an analyst.
The brokerage firm did not provide details on the seller of 740 West End Avenue other than that the same family has owned it for multiple generations. Property records show that the owner is Wolk Properties.
The 1915-built elevator building includes 101 apartment units with layouts averaging 1,000 square feet. It’s expected to trade for roughly $55 million, or $400 per square foot, according to JLL. Ownership has invested heavily in the property for the last 20 years leaving “virtually no remaining deferred maintenance”, JLL said.
The asset is situated next to 720 West Avenue, a vacant 16-story property also up for sale that is projected to fetch around $180 million, or $650 per square foot, with senior housing the most likely use.
Both properties are located one block from the subway station at West 96th Street and Broadway, home to the 1, 2 and 3 lines.
Oster said both properties being on the market at the same time provides a unique opportunity for multifamily developers to plant their flags in a desirable area of Manhattan where there’s low supply.
“The Upper West Side is always viewed as one of those very reliable Manhattan neighborhoods and it’s very, very difficult to get meaningful scale. So, to have the opportunity to do that in this location where you have exposure to double-wide streets is really not often the case,” Oster said. “A neighborhood like the Upper West Side, which is supply-constrained to begin with, gets a lot of attention.”
Wolk Properties declined to comment on the sale.
Andrew Coen can be reached at acoen@commercialobserver.com.
