JP Morgan Acquires $150M NYC Apartment

P & H Associates has sold The Wimbledon luxury apartment building in Manhattan to JP Morgan Investment Management in a $150 million deal. The 230-unit Wimbledon (pictured) is located at 200 East 82nd Street, near Central Park, in the heart of luxury hotels, multi-million dollar residences, four-star restaurants and high-end retail. The apartment complex encompasses 28 stories, and includes 6,000 square feet of street-level retail that is leased and occupied by Citibank. The building has been renovated since it was first opened in 1980, having seen upgrades for the roof, kitchens, elevators, hallways and windows. The deal was handled by Jones Lang LaSalle managing directors Jubeen Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville. Manhattan residential real estate sales have slowed in the past year, only reaching 38 percent of the amount of sales as compared to this time a year ago. “I think the New York City real estate market has certainly seen some slowdown in terms of activity,” Vaghefi told CPN. However, he added that he believes the current economic environment is short term. In other recent Manhattan market news, Holliday Fenoglio Fowler L.P. handled a $90 million refinancing for 401 West 14th St., a retail and office building in Manhattan’s Meatpacking District, as reported by CPN. The borough is also seeing a $630 million equity and debt recapitalization of the retail condominium at 666 Fifth Avenue, arranged by Carlton Advisory Services and closed by The Carlyle Group, Crown Acquisitions and Kushner Cos. JP Morgan, being one of the most active financial firms in the world, is constantly completing transactions, according to Vaghefi. P & H Associates, however, is a private company so they are not an active buyer or seller, Vaghefi explained. “I think (The Wimbledon) is a great acquisition for JP Morgan and opportunities for Manhattan don’t come by every day,” said Vaghefi. “I think it’s a great buy for JP Morgan.”