J
D Carlisle is seeking to sell its luxury rental tower at 160 Madison Avenue for over $300 million. The development firm, along with partners DLJ Real Estate Capital Partners and Mitsui Fudosan, aims to fetch a price of around $325 million for the 24-story building completed in 2016. This works out to approximately $1 million per apartment for the 319-unit property.

    A key selling point is the assumable mortgage with a 4.2% interest rate through 2046, which could be beneficial in today's interest rate environment. A Newmark team led by Adam Spies and Josh King is handling the sales process.

    JD Carlisle, a third-generation family company, has built numerous rental buildings but remains relatively unknown. President Evan Stein prefers it that way, stating "We're low-profile people" in a rare interview. The company began assembling the 160 Madison site around 2012 and secured a 421-a tax abatement through 2026.

    The building features income-restricted units and is situated near JD Carlisle's 199-unit condo development at 15 East 30th Street, completed with Fosun in 2019.