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$90M+ Hudson Crossing Sale Closes

NEW YORK CITY-The sale of Hudson Crossing closes as Equity Residential is added to the list of first-time buyers here. The firm picked up the 13-story, 259-unit site for more than $90 million.

By Barbara Jarvie | Updated on August 01, 2004

NEW YORK CITY-Hudson Crossing, which was placed on the market this past spring, sells to Equity Residential for more than $90 million. The 13-story, 259-unit residence at 400 W. 37th St. is an 80/20 property with a mix of free-market and moderate-income apartments. Construction on the building was completed early in 2003. The sale is part of a growing trend of new buyers gets a foothold in Manhattan.

Douglas Harmon managing director of Eastdil Realty orchestrated the sale for the sellers–the Dermot Co. and the AFL-CIO. While Harmon would not comment on the Hudson Crossing transaction, he did note “that the sizzling Manhattan residential market shows no signs of abeyance.”

Harmon’s earlier 2004 sale of the $125.5-million Sonoma for theRelated Cos. to Archstone-Smith set a new price per apartment and price per sf sales record. Harmon states that “it was actually the wake from the Sonoma sale that awoke other long term, non-traditional residential rental owners to contemplate taking some chips off the table.”

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