Wimbledon Sells For $150 M. (The Apartment Complex, Silly)

On June 25, as tennis lovers raptly followed the progress of Rafael Nadal and Roger Federer, Serena Williams and her sister Venus on the grass courts in England, a separate Wimbledon drama was happening stateside.

That day, JP Morgan Investment Management closed on the purchase of The Wimbledon from P&H Associates. The building, a 28-story, 230-unit apartment complex at 200 East 82nd Street on the Upper East Side, sold for $150 million.

“The credit crunch has taken its toll on the multifamily market in Manhattan over the last year, with very few transactions completed, but the sale of The Wimbledon ─ at such a strong pricing level ─ verifies there is still a market for prominent buildings with strong fundamentals,” said Jubeen Vaghefi, a managing director at Jones Lang LaSalle, in a statement.

JLL's Multifamily Capital Markets team represented both the buyer and the seller in the transaction.

Read the full release below:

Jones Lang LaSalle’s Multifamily Capital Markets team has completed a market-focalizing transaction with the sale of The Wimbledon, a 230-unit apartment complex in Manhattan’s renowned Upper East Side at the very solid price of $150,350,000. JP Morgan Investment Management is purchasing the building, located at 200 East 82nd Street, from P & H Associates.

The Jones Lang LaSalle team of Jubeen Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville, all Managing Directors, handled this assignment.

“The credit crunch taken its toll on the multifamily market in Manhattan over the last year, with very few transactions completed, but the sale of The Wimbledon ─at such a strong pricing level─ verifies there is still a market for prominent buildings with strong fundamentals,” says Mr. Vaghefi. “We are pleased to have maximized the value of the asset and achieved this level of pricing for P & H. This is a win for both sides of the deal as JP Morgan Investment Management has also acquired a property with upside potential, generating steady income for many years to come.”

Located near Central Park, the 28-story apartment complex includes 6,203 square feet of street-level retail, which is fully leased and occupied by Citibank. The Wimbledon boasts excellent views, a 24-hour doorman, concierge service and on-site superintendent with repair and porter service.

Since the property broke ground in 1980, the building has seen significant capital expenditures in 1996, 2001 and 2007, including upgrades to the roof, kitchens, elevators, hallways and windows.

The complex is located in the Upper East Side, which consists of just 1.8 square miles, but it’s filled with an exceptional collection of world-class amenities, including luxury hotels, multi-million dollar residences, four-star dining and exclusive retail.

Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations. The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs. The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services. The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios. Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.