HFF to Market for Sale Luxury Residential Building in Manhattan's West 42nd Street Corridor

Business Wire,  July 9, 2008  

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NEW YORK -- The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale Riverbank West, a 44-story, 418-unit luxury residential building in Manhattan's West 42nd Street Corridor.

HFF senior managing director Joe Morningstar and managing director Andrew Scandalios will lead the investment sales team on behalf of the owner.

Riverbank West is located at 560 West 43rd Street in the West 42nd Street corridor, a residential submarket comprised primarily of newly constructed luxury rental and condominium product. The property, which historically has enjoyed occupancy in the high 90s, has a private driveway and plaza and 85% of the apartments have balconies.

"Riverbank West presents a unique and very rare opportunity to acquire a 'core' apartment building in Manhattan, the most dynamic residential rental market in the country," said Morningstar. "The stability of the property's revenue streams can be further enhanced through the execution of a number of ascertainable value-add strategies. Riverbank will command unprecedented investor attention and trade at aggressive pricing."

HFF (NYSE:HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

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