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JONES LANG LASALLE INCORPORATED

(JLL)
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Real-time Estimate Cboe BZX  -  09:33 2022-12-05 am EST
163.80 USD   -1.79%
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Jones Lang LaSalle Incorporated : JLL sells 219-221 East 59th Street in Midtown East for GAK Properties

04/15/2020 | 04:16am EST

NEW YORK, April 14, 2020 -JLL Capital Markets announced today it has completed the sale of 219-221 East 59th Street, two contiguous, mixed-use properties in New York's Midtown East submarket, for GAK Properties LLC. Cofinance Inc., the U.S. subsidiary of Cofinance Group SA, acquired the 10,560-square-foot asset for $10.85 million.

The properties at 219-221 East 59th Street are both three-story, fully free-market buildings that span 10,560 square feet of residential and retail space, and each has nearly identical floorplates. The second and third floors each contain full-floor apartments, with the second-floor units featuring 660-square-foot balconies. The properties also each have a 1,400-square-foot rooftop space for tenant use. Both buildings include 3,960 square feet of ground-floor retail space currently occupied by separate retail tenants.

The property is situated directly across the street from the Decoration & Design Building and a block away from Bloomingdale's world-renowned flagship, as well as a surplus of designer, gallery and boutique tenants. 219-221 East 59th Street is accessible via the 4, 5, 6, N, Q, R, W, F, M and E subway trains, as well as the Queensboro Bridge and the Roosevelt Island Tram.

The JLL professionals overseeing the sale of 219-221 East 59th Street included Managing Directors Tom Gammino and Clint Olsen; and Directors Albert Mamiye, Connor Murphy, Jeremy Simon and Chris Skitch. The buyer was represented by Jeffrey Znaty, director of multifamily, with Kassin Sabbagh Realty.

'The building presents a unique chance for Cofinance, led by Mark Winter-Gitelson, to reconfigure the vacant free-market residential units, and potentially add bulk to 219-221 East 59th Street,' Gammino said.

'219-221 East 59th Street is ideally located in the heart of Midtown East, benefiting from countless retailers, amenities and public transportation options,' Olsen said. 'This is an excellent investment, as the buildings offer a combined 7,114 square feet of air rights, offering the opportunity to add additional floors to each property.'

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.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: U.S. newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 14 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2020 08:15:18 UTC


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Financials (USD)
Sales 2022 20 894 M - -
Net income 2022 737 M - -
Net Debt 2022 1 529 M - -
P/E ratio 2022 11,7x
Yield 2022 -
Capitalization 7 916 M 7 916 M -
EV / Sales 2022 0,45x
EV / Sales 2023 0,43x
Nbr of Employees 98 200
Free-Float 90,6%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 166,79 $
Average target price 217,29 $
Spread / Average Target 30,3%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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