Kahen Properties Acquires Lenox Hill Portfolio
BY PAUL BUBNY
July 22, 2022
JLL Capital Markets closed the $33.75-million trade of a three-building mixed-use multi-housing and commercial portfolio in Manhattan’s Lenox Hill neighborhood.
Located at 1026 Third Ave. and 1020-1024 Third Ave., the portfolio was acquired by Kahen Properties, a New York-based development firm.
JLL represented Kahen Properties in the $9.75-million acquisition of 1026 Third Ave. Nick Judson, principal of Judson CRE, represented the seller, Portfolio4 LLC. Additionally, JLL represented the seller, JANS Investment Company LLC, in the $24-million sale of 1020-1024 Third Ave.
The JLL Capital Markets Investment Advisory team was led by managing director Clint Olsen and associate Stephen Godnick.
“The tenant mix and zoning of these properties positions the buyer to capitalize on a fully-recovered rental market in one of the city’s most affluent neighborhoods,” said Olsen. “Coupled with prime retail space and a choice of transportation options, this value-add portfolio offers substantive long-term growth opportunities.”