A 44-story rental tower overlooking the Hudson River in Hell's Kitchen has a new owner. Barings sold Riverbank, the 418-unit property at 560 West 43rd Street, to JPMorgan for $243.5 million.
The price tag was confirmed at $243.5 million by therealdeal.com, though a recent Connect CRE report rounded the figure to $244 million in reporting that the deal was selected to receive ApartmentBuildings.com's AB 100 Transaction of the Year Award, which recognizes creativity, skill and success in the multifamily industry. Either way, the sale pencils out to $627 per square foot across the building's 388,073 square feet, according to the same real estate deal report.
JLL Capital Markets ran the sale for Barings and lined up JPMorgan as the buyer, with a team that included Jeffrey Julien, Rob Hinckley, Andrew Scandalios, Steven Rutman and Devon Warren, per the outlet's reporting. The brokerage also arranged $128.3 million in acquisition financing — a Freddie Mac loan, the same report notes — through a separate JLL debt team of Kelly Gaines, Geoff Goldstein and Michael Shmuely.
Inside the Hell's Kitchen Tower
Riverbank went up as a condominium project in the late 1980s before its ownership shifted in 1991, when developer Harry Macklowe transferred or surrendered the building following the real estate crash, the article states. Today the property carries nearly 18,000 square feet of ground-floor retail alongside its residential units, and it sits close to roughly 19 million square feet of Class A office space at Hudson Yards, giving tenants easy access to transportation, retail and entertainment nearby.
The building has since undergone a recent renovation and now offers balconies on most units, an outdoor terrace, grilling areas, a fitness center, sauna and swimming pool. A separate account from absre.com describes a 5,000-square-foot resident lounge with pool and poker tables, plus valet parking, and identifies the buyer as the wealth-management division of JPMorgan Chase, purchasing under the entity Comref River LLC. StreetEasy lists the address as 560 West 43rd Street, New York, NY 10036.
A Manhattan Market on the Upswing
The Riverbank deal landed as Manhattan's apartment investment scene picked up steam. Citywide multifamily dollar volume hit $4.94 billion in the first half of 2026, a 21% jump from the same period a year earlier, according to a market report from arielpa.nyc. In the second quarter alone, New York City dollar volume reached $2.46 billion, up 25% year over year, even as the number of New York City transactions slipped 4% to 298 deals.
Larger buildings drove much of that growth, generating $1.94 billion in the second quarter, a 43% increase from a year prior, per the same report. Yet the average price per unit in Manhattan told a different story: it fell to $270,864 in the first half of 2026, well below the $413,342 recorded in 2025. Asking rents climbed about 10% year over year.
Rents in the borough have kept climbing even as deal volume grows. Manhattan's median rent stood at $5,295 in July, unchanged from June but up 6% from a year earlier, while average rent hit an all-time high of $6,655 and vacancy stood at 2.44% early in 2026, according to a report from managedbyora.com.
Riverbank isn't the only nine-figure apartment trade making headlines this year. Carmel Partners acquired MetLife's 49% interest in a five-building, 710-unit rental portfolio on the Upper West Side for $241.3 million, a deal that valued the full portfolio at roughly $485 million, per the arielpa.nyc report.
