JD Carlisle is looking to sell its luxury rental tower at 160 Madison Avenue for north of $300 million.
The development firm and its partners, DLJ Real Estate Capital Partners and Mitsui Fudosan, are eyeing a price tag of $325 million for the 24-story building they completed in 2016, The Real Deal has learned.
That price works out to more than $1 million per apartment for the 319-unit building.
One of the selling points for the property: It comes with an assumable mortgage with a 4.2 percent interest rate through 2046, according to marketing materials from Newmark. That could help in the current interest rate environment, where borrowing costs have gone up since the Fed cut rates last month as investors have dialed back expectations for further rate cuts.
A representative for JD Carlisle did not immediately respond to a request for comment. A Newmark team led by Adam Spies and Josh King is overseeing the sales process.
JD Carlisle is a third-generation family company that built dozens of rental buildings in the 1960s and 1970s, but has flown largely under the radar.
President Evan Stein, whose grandfather founded the company, said that the family prefers it that way, when asked why JD Carlisle has no website.
“We’re low-profile people,” he said in a rare interview in 2011. “We don’t usually have to advertise who we are.”
The company began assembling the development site for 160 Madison around 2012. The building, which has 20 percent of its units set aside for income-restricted renters, has a 421-a tax abatement that runs through 2026.
Nearby, JD Carlisle and Fosun in 2019 built a 199-unit condo at 15 East 30th Street called Madison House.