Henry Hall, a luxury multifamily tower in Manhattan’s Hudson Yards neighborhood, has changed hands in a $129 million transaction arranged by JLL Capital Markets. The 33-story property is located at 515 West 38th St. and is positioned within one of Manhattan’s most closely watched mixed-use districts.
JLL Capital Markets oversaw the sale on behalf of the seller, a joint venture between Shorenstein Investment Advisers and Dreamscape Companies. Senior managing directors Jeffrey Julien, Rob Hinckley and Steven Binswanger, managing director Steven Rutman and director Devon Warren led the marketing and negotiations for the ownership. Their mandate focused on positioning the asset’s multifamily profile and neighborhood setting to prospective institutional and private buyers.
The buyer, Amstar Group LLC, secured acquisition financing in connection with the purchase. JLL Capital Markets also arranged this debt component, with managing director Geoff Goldstein and director Christopher Pratt structuring $71 million in financing through U.S. Bank. The loan supported the transfer of ownership and provided balance-sheet bank capital for the new owner.
Executives involved in the sale pointed to the property’s distinct positioning within the local rental market. According to Rob Hinckley, Henry Hall benefits from its unique character, a loyal resident community and its location within Hudson Yards. He noted that these features contributed to strong investor interest in the offering and said that multiple bidders identified both the quality of the asset and the continued growth trajectory of the surrounding neighborhood.
Delivered in 2017, Henry Hall is a relatively new addition to the Manhattan multifamily inventory. The property comprises 225 residences configured as studio, one-bedroom and two-bedroom units, targeting a range of renter household types. In addition to its residential offering, the building includes approximately 12,500 square feet of ground-floor retail space, providing income diversification beyond apartment rents and activating the streetscape along West 38th Street.
The combination of a recent-vintage delivery, luxury positioning and a Hudson Yards address underpins the building’s role as an institutional-caliber multifamily asset. With both the sale and the acquisition loan completed, Amstar Group LLC emerges as the new owner of Henry Hall, while U.S. Bank assumes the role of lender on the property. JLL Capital Markets served as intermediary on both the investment sale and the financing assignment, coordinating among the joint-venture seller, the buyer and the bank lender to bring the transaction to close.
