Black Spruce Management JV Acquires Multifamily Building In Murray Hill For $387.5M

The recently closed property transaction in Murray Hill involved a multifamily asset located at 685 1st Ave. The property, comprising 408 units, was sold by Solow Building Company to Black Spruce Management JV Orbach Affordable Housing Solutions for a total sale price of $387,500,000. This represents a per unit price of $949,754 and a total area of 367,813 square feet, resulting in a price per square foot of $1,053.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $387,500,000
• Units: 408
• Price per Unit: $949,754
• Total Area: 367,813 sq ft
• Price per sq ft: $1,053
• Market: Murray Hill

This noteworthy transaction was facilitated by the joint efforts of multiple brokers, including Rob Hinckley, Jeff Julien, Andrew Scandalios, Steven Rutman, John Taylor, and Scott Panzer from JLL. Their involvement marked the successful closing of the first building within the Solow Portfolio, which was exclusively marketed by JLL Capital Markets. Their expertise and collaboration played a crucial role in finalizing this deal.