Built in 1970, the 17-story building has 269 rental units and is 99% occupied. It features 24-hour doorman service, a health club and outdoor pool.
"Besides the location and strong occupancy, we see upside potential through renovating the property," says Paul Mucci, principal and head of Lend Lease's metro NY acquisitions group.
Altogether, Lend Lease completed $12.7 billion in transactions last year, including $4.1 billion in equity acquisitions, $2.2 billion in mortgages, $2.2 billion in dispositions and $1.4 billion in financings.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
