Foreclosure auction scheduled for March 30
NEW YORK, NY – March 28, 2011 – (RealEstateRama) — Jones Lang LaSalle is marketing a $30.5 million defaulted loan for sale. The loan, which is collateralized by 4,950-square-foot land development site at 276-280 Third Avenue in the Gramercy Park section of Manhattan, is scheduled to be sold at a foreclosure auction on March 30.
Leading the Jones Lang LaSalle team on this transaction are Vice Chairmen Jon Caplan, Richard Baxter, Yoron Cohen and Scott Latham, Senior Vice President Dustin Stolly, and Vice President Jason Gold.
“We are seeing strong interest among investors who appreciate the luxury condominium development potential around the corner from Gramercy Park,” said Caplan.
The site is situated on the corner parcel of the southwest corner of Third Avenue and East 22nd Street, the corner parcel. It is ideal for high-end residential development as it has 105,000 square feet of development rights. It offers three exposures that provide unencumbered views above adjacent low-rise buildings. The Gramercy Park location is near several of Manhattan’s most desirable neighborhoods and within a short walk of 13 subway lines.
In 2010, Jones Lang LaSalle’s Capital Markets solidified its position as the market leader in real estate investment banking, closing more than $8 billion in debt and equity financings, note sales and advisory transactions, including nearly $4.5 billion in note sales alone due to the efforts of the Special Asset Services group.
Jones Lang LaSalle 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 our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Jones Lang LaSalle’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2009, the New York tri-state team completed approximately 21 million square feet in lease transactions, concluded property sales transactions valued at more than $1.75 billion, managed projects valued at more than $4 billion, and oversaw a property and facilities management portfolio of 76 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Contact:
George Shea, Mark Faris
Company: Shea Communications
Phone: +1-212-627-5766
Email: mfaris (at) sheacommunications (dot) com
