SSR, an affiliate of MetLife, purchased the property on behalf of unnamed clients and was self-represented in the transaction. Eastdil Realty managing director Douglas L. Harmon negotiated on behalf of the Clarett Group. Completed in late 2000 by a joint venture of Clarett and Boston-based Fidelity Management Trust Co., the Montrose is a luxury rental property located at 308 E. 38th St.

According to Clarett executive vice president Marty Piazzola, the sale fit neatly into the partnership's original plans for the property. "It was part of the overall strategy," he tells GlobeSt.com. "When we went into the project we had a certain investment horizon." Piazzola adds that having disposed of the Montrose, Clarett will be free to concentrate on other ongoing projects.

Clarett is currently developing 700 luxury apartments in Manhattan and serves as development advisor on the 1.5 million-sf New York Times building in Times Square. The locally based firm is also working with the New York City Partnership and a consortium on nine New York medical schools to develop a major biotech initiative in Lower Manhattan.