124 West 73rd Street and 164 West 81st Street offer unique flexibility in one of New York’s most in-demand neighborhoods

JLL Capital Markets announced today it has completed the sales of 124 West 73rd Street and 164 West 81st Street, a pair of walk-up buildings on Manhattan’s Upper West Side, for a combined $9.15 million in two separate transactions.

A local investor bought 124 West 73rd Street for $4.15 million, and a single-family converter acquired 164 West 81st Street for $5 million.

124 West 73rd Street is located between Columbus and Amsterdam Avenues and features five floors of living space and a large two-story extension with a finished roof deck. Designed by famous Upper West Side architects Thom & Wilson in 1881, it was constructed as part of an original row of three townhouses, all of which are still standing. The historic Neo-Grec brownstone contains eight apartments, including a two-bedroom duplex, a one-bedroom duplex, a one-bedroom and five studios. The property also offers 2,349 square feet of excess air rights, which could be utilized in a renovation to expand on the top or rear of the building. This transaction represents the first sale of the property in over 50 years.

Located between Columbus Avenue and Central Park West, 164 West 81st Street was built in 1882 and underwent a full gut renovation in the early 2000s. It was then converted into its current configuration of eight studio apartments. The 18.75-foot wide Renaissance Revival townhouse features 11-foot ceilings, an oversized south facing garden and a finished basement, as well as modern kitchens and baths in all of the units. The property also offers 3,899 square feet of excess air rights that can be used to expand the property with a rear extension or a partial fifth story.

Both properties are located in the heart of the vibrant Upper West Side neighborhood, steps from Central Park, Lincoln Center, the Museum of Natural History and the world class shopping and dining options on Broadway, Columbus and Amsterdam Avenues. 124 West 73rd Street provides multiple transportation options with its proximity to the 1, 2, and 3 trains at 72nd and Broadway. 164 West 81st Street is steps from the 1 and 2 trains, as well as the A, B, C trains at the 81st Street-Museum of Natural History station.

The JLL professionals overseeing the sale of 124 West 73rd Street include Managing Directors Hall Oster and Paul Smadbeck; Vice Presidents Conrad Martin and Teddy Galligan; and Associate Braedon Gait. The JLL team overseeing the sale of 164 West 81st Street include Managing Director Hall Oster and Vice President Teddy Galligan.

“124 West 73rd Street was the first building sold from a portfolio of four that has been owned by the same family for nearly 50 years. The sale offered a competitive price for a fully free market opportunity with zero exposure to rent regulation within one of Manhattan’s most in-demand neighborhoods,” said Smadbeck.

“164 West 81st Street was delivered vacant, which offered the purchaser the flexibility to reconfigure the property as they desired,” added Oster. “Its central location offered easy access to the rest of Manhattan while maintaining Upper West Side charm and convenience.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.