JP Morgan Picks Up Midtown West Rental Building for $243M

The 44-story rental building at 560 West 43rd Street in Midtown West has officially traded hands, Commercial Observer has learned.

Investment manager Barings sold the property, named Riverbank, to J.P. Morgan for $243.5 million, property records show. 

A JLL capital markets sales and advisory team led by senior managing directors Jeffrey Julien, Rob Hinckley and Andrew Scandalios, managing director Steven Rutman and vice president Devon Warren negotiated the sale. 

JLL’s Kelly Gaines, Geoff Goldstein and Michael Shmuely arranged $128.3 million in Freddie Mac acquisition financing for the sale, originated and serviced by JLL Real Estate Capital.

“We’re pleased to have arranged this exceptional transaction on behalf of Barings,” said Julien. “The sale offered a rare opportunity to acquire a fee-simple, fair-market property in Manhattan at significantly below replacement cost.”

Mark Freeman, managing director for Barings, noted that this sale continues his company’s ongoing relationship with renters in New York City.

“Barings has been proud to provide Class A housing to New Yorkers over the last 30 years at this property and to deliver meaningful value to our investors through this transaction,” Freeman said in the statement. “We are grateful to JLL for their support and wish the new ownership all the best.”

Riverbank, built in 1987, offers 43 studios as well as 270 one-, 62 two- and 43 three-bedrooms, with nearly 18,000 square feet of retail on the ground level.  

Larry Getlen can be reached at lgetlen@commercialobserver.com.