**Barings Divests Midtown West Rental Tower for $243.5 Million**
JLL has completed the $243.5 million sale of Riverbank, a 44-story recently renovated rental property located at 560 West 43rd Street in Manhattan’s Midtown West. The transaction was led by JLL’s senior managing directors Jeffrey Julien, Rob Hinckley, and Andrew Scandalios, managing director Steven Rutman, and vice president Devon Warren, who represented the seller, Barings. The buyer, identified as JPMorgan Asset Management by the New York Business Journal, is an institutional investor. JLL also secured $128.3 million in acquisition financing as part of the deal.
Originally developed in the late 1980s as a condominium project, Riverbank includes 418 residential units, featuring 43 studios, 270 one-bedrooms, 62 two-bedrooms, and 43 three-bedroom apartments. The property also includes nearly 18,000 square feet of retail space, which is fully leased.
Mark Freeman, managing director at Barings, commented, “Barings has been proud to provide Class A housing to New Yorkers over the past 30 years at this property and to deliver meaningful value to our investors through this transaction. We are grateful to JLL for their support and wish the new ownership all the best.”
The JLL Debt Advisory team that arranged the financing included senior managing director Kelly Gaines and managing directors Geoff Goldstein and Michael Shmuely.
