The Real Deal New York

JPMorgan looking to unload 223-unit UES rental building 

Industry insiders expect property to fetch more than $200 milliom

September 05, 2014 06:00PM
By Rich Bockmann

wimbledon_stacom

Darcy Stacom and 200 East 82nd Street

JPMorgan is looking to sell a recently renovated, 223-unit Upper East Side rental tower that industry experts say could fetch north of $200 million.

The bank’s investment management arm is searching for a buyer for the Wimbledon, the 28-story apartment building at 200 East 82nd Street it purchased back in 2008 for $150.35 million. Darcy Stacom and Paul Liebowitz at commercial brokerage CBRE have the listing. A spokesperson for the brokerage declined to comment.

The tower was constructed in 1980, and J.P. Morgan recently invested $15 million to renovate the building’s corridors and apartments. Citibank has a 6,200 square-foot retail lease running through 2020.

When JPMorgan bought the building five years ago it paid about $650,000 per unit, and industry insiders say the property could fetch $900,000 or more per unit, putting the total valuation in the area of $200 million-plus.

Over the course of the bank’s ownership a small number of the building’s units have been combined into larger apartments. CBRE’s marketing materials suggest the building’s new owner could achieve a rental upside by meeting market rents and selectively creating larger units.

Rental listings on StreetEasy range from $3,192 for a studio to $5,054 for a two-bedroom.

MENU