JLL Capital Markets announced today that it has closed the $4.5 million sale of 124 West 78th St. , a 5,630-square-foot apartment house on Manhattan’s Upper West Side.
The property, built in 1881 by renowned architect Raphael Gaustavino, is an historic Moorish Revival rowhouse with a unique architectural façade. The architect’s famous arch design can be seen in iconic buildings like the Dakota, the American Museum of Natural History and the U.S. Supreme Court. The five-story property has a three-story extension with penthouse additions and is currently configured with 10 apartments and a basement office space. Two of the apartments are rent stabilized, and the remaining eight are free market. The units are configured as two two-bedrooms, three one-bedrooms, including two duplexes with roof access, and five studios. 124 West 78th St. had been owned by the same group for over 50 years.
Located on the well-known and desirable museum block between Columbus and Amsterdam avenues, the street has numerous historical homes and limited through traffic because of the proximity of the Museum of Natural History. The property is also steps from Central Park. The Upper West Side is home to some of the city’s best dining, entertainment and cultural options, and offers connection to the 1, 2, 3, A, B, and C subway lines.
The JLL team who oversaw this sale includes Managing Directors Hall Oster and Paul Smadbeck, Vice Presidents Teddy Galligan and Conrad Martin and Associate Braedan Gait.
“124 West 78th St. is a distinguished building with strong cash flow potential,” Oster said. “It is anchored by its location near the Museum of Natural History in the heart of the Upper West Side.”
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.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
