Henley City Living continues momentum with NYC acquisition
Henley USA’s appetite for multi-family properties continues with the off-market purchase of an additional residential property in New York.
The new Henley City Living-branded asset, Hayes Court, is located in the Jackson Heights neighborhood of Queens, New York, and consists of 56 residential units and six commercial suites spread over two five-story, mirrored buildings, comprising approximately 50,000 sq. ft.
The buildings provide a significant amount of development upside, which will be used to derive additional value from the property. Alongside reconfiguring the majority of apartments to enhance layouts and adding bedrooms to oversized units, Henley City Living will be undertaking a renovation of the building’s common areas, including the creation of a rooftop balcony for the tenants’ benefit. The company also plans to incorporate numerous technological amenities into the buildings, including new building and unit entry systems, creating a residential experience similar to that of full-service apartments. Finally, Henley City Living intends to replace the aging heating infrastructure with a new, more efficient natural gas boiler / hot water heater.
This acquisition follows the group’s recent off-market purchases of more than 1,000 units in New York and Arizona.
Commenting on Henley’s acquisition, Ian Rickwood, Chief Executive Officer of Henley Investments, said: “This additional purchase by Henley USA in Jackson Heights, New York, demonstrates our ongoing, strong momentum and appetite in this market. Through both unit renovation and active asset management, multi-family assets in prime locations provide the opportunity for significant upside and rental returns. The local expertise of Henley USA leaves us well-placed to identify assets which meet our key criteria; we have a strong pipeline in place and look forward to announcing further acquisitions in the new year.”
Garrett Solomon, President of Henley USA, commented: “As demand for rental units in Manhattan continues to climb, Henley USA has recognized the Jackson Heights area as both an affordable and popular area for renters within the New York City Metro area. This acquisition provides us with an exceptional opportunity to purchase a high quality asset in a prime location with excellent access to Manhattan. At each Henley City Living property, we plan to make everyday life for our residents more convenient. Through planned renovations, active management as well as the installation and use of the latest in-home technology, we are confident that this asset will deliver exceptional returns.”