Barings has sold Riverbank, a 44-story recently renovated rental property located at 560 West 43rd St. in Manhattan’s Midtown West submarket, for $243.5 million.
JLL represented the seller and procured the buyer, an institutional investor. JLL also arranged $128.3 million in acquisition financing.
Originally developed in the late 1980s as a condominium project, Riverbank has 418 units comprising 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features nearly 18,000 square feet of retail that is fully occupied by a variety of service-oriented tenants, including a nail salon, liquor store and coffee shop, and a below-grade parking garage.
Most of Riverbank’s units have balconies with city and Hudson River views, and residents enjoy a plethora of amenities that include a 5,000-square-foot lounge called the Harbor Club which has poker and billiards tables, a media room and co-working space. There is also an Olympic-size swimming
