JPMorgan Buys Riverbank Tower from Barings for Record-Breaking Price

Barings has sold its 44-story rental tower, Riverbank, in Hell's Kitchen to JPMorgan for $243.5 million. The property at 560 West 43rd Street spans 388,073 square feet and offers nearly 18,000 square feet of ground-floor retail space.

The sale is the latest in a string of high-profile deals in Manhattan's apartment investment market. In the first half of this year, citywide multifamily dollar volume hit $4.94 billion, a 21% increase from the same period last year. Larger buildings drove much of this growth, generating $1.94 billion in the second quarter.

The Riverbank property has undergone recent renovations and features amenities such as balconies on most units, an outdoor terrace, grilling areas, a fitness center, sauna, and swimming pool. The building also offers valet parking and a 5,000-square-foot resident lounge with pool and poker tables.