Pre-war, luxury rental property for sale for the first time in 65 years
NEW YORK, NY – February 23, 2011 – (RealEstateRama) — Jones Lang LaSalle today announced its New York Capital Markets team has been chosen to market an iconic luxury rental building known as 737 Park Avenue for sale in New York City. This 20-story, pre-war multifamily building is located at the crest of Lenox Hill, just two blocks from Central Park in Manhattan. The property, owned by Katz 737 Corporation, has been in the same family for 65 years.
Leading the Jones Lang LaSalle team on this transaction are Jonathan Caplan, Richard Baxter, Yoron Cohen and Scott Latham, vice chairmen.
“This is a one-of-a-kind opportunity,” said Caplan. “When was the last time we saw a prominent, pre-war apartment building on the most exclusive section of Park Avenue available for sale? There will be widespread interest among discerning investors locally and globally.”
Built in 1940 and designed by noted architect Sylvan Bien, 737 Park Avenue is located at the northeast corner of East 71st Street and Park Avenue, directly across the street from two of Manhattan’s most exclusive cooperative apartment buildings, 720 and 740 Park Avenue. The property has 103 apartments, with an average unit size greater than 1,800 square feet, plus five ground floor professional suites.
About Jones Lang LaSalle Capital Markets
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 its clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion of transactions globally. The firm’s Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firmoffers 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 750 locations worldwide, including 180 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:
Paige Steers
+1 312 228 2797
paige.steers (at) am.jll (dot) com
Heather Filkins
+1 847 563 8133
heather.filkins (at) am.jll (dot) com
