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NEW YORK CITY-Equity Residential has added 600 Washington St., a 135-unit apartment, to its local portfolio. The firm acquired the two-year-old West Greenwich Village complex for approximately $75 million from locally based JD Carlisle, led by Jules Demchick.
The purchase price works out to be approximately $516,000 per apartment unit, or $935 per sf, of rentable apartment space. The capitalization rate on the acquisition is approximately 4.65%.
The seven-story mid-rise has an apartment mix of 99 studios, 23 one-bedroom and 13 two-bedroom units. The property also contains four retail stores comprising approximately 6,700 sf. "600 Washington is a high-quality asset located in an area of Manhattan that is very desirable to both renters and condominium buyers and has high barriers to entry for new apartment construction," says David J. Neithercut, Equity Residential's president and chief executive officer.
Ronald A. Solarz and Eric M. Anton, senior managing directors of Eastern Consolidated, represented the seller. Newly built market-rate residential properties in the West Village are rarely offered for sale, and 600 Washington St. in particular, was well designed and is known as one of the premier rental buildings in Manhattan, Solarz points out. Larry Lipson Esq. of Proskauer Rose, represented the seller, while Ross Greene Esq. of DLA Piper Rudnick Gray Cary repped Equity.
The Chicago-based Equity Residential now owns six properties with 1,957 apartment units in Manhattan aggregating more than $1 billion. It also owns 15 properties with 4,254 apartment units in the metro area that have a value of approximately $1.6 billion. The firm recently closed on its $809-million purchase of the 1.1-million-sf Trump Place. In August of 2004, Equity acquired its first asset here with the $93.1-million buy of Hudson Crossing. The REIT's next purchase was the Lower Manhattan landmark 71 Broadway, which it took for approximately $100 million.
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