Auction dates have been set for the sale of the coveted RB Portfolio, a collection of six walk-up, mixed-use properties situated in some of the most popular areas of New York City.
JLL Capital Markets team led by Chairman, NY Investment Sales Bob Knakal, and Managing Directors Jonathan Hageman, Hall Oster, Guthrie Garvin and Clint Olsen, is leading the marketing campaign.
The portfolio offers a total of 146 apartments, 82 percent of which are free market, and six commercial spaces in properties located at 25 Thompson St., 71 Thompson St., 98 Thompson St., 42 Bank St., 99 Perry St. and 117 Waverly Pl. While the buildings are being marketed simultaneously, they will be sold individually as separate offerings on an as-is basis.
The properties are all situated in the West Village and SoHo neighborhoods of Downtown Manhattan, bounded on the south by SoHo/Hudson Square, on the east by Greenwich Village and Union Square and on the north by Chelsea. Due to a plethora of boutique shops, cafes, restaurants and nightlife options, the area typically achieves some of the highest rents in the city. It is also a transportation nexus, with a multitude of subway lines and the PATH train, which provides connection to New Jersey.
“The RB Portfolio offers an incredible opportunity to acquire predominantly free market buildings with significant value-add potential in some of the most sought-after neighborhoods in all of New York City,” said Knakal.
The properties have been maintained and operated by the current family ownership for over 40 years, with each asset having been originally purchased between 1976 and 1986. Given the vintage of the ownership, there are a multitude of renovation strategies that could be implemented across the portfolio. As a result, once fully renovated, the portfolio is projected to be able to increase revenue in excess of $3.55m (70% increase) which would lead to an approximate 2-3 fold increase in net operating income for each asset.
The auction for 117 Waverly, 42 Bank, & 99 Perry will start at 9a.m. on Tuesday, Dec. 6th. The Thompson Street properties will follow and be auctioned starting at 9 a.m. on Wednesday, Dec. 7th. The auctions will take place at the New York County Courthouse at 60 Centre Street.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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Email: Linda@sheacommunications.com