(Read more on the multifamily market.)
NEW YORK CITY-Stonehenge Partners Inc. has acquired 330 E. 63rd St. for $39 million from 63rd East Side Realty LLC. Eastern Consolidated represented the seller and procured the buyer.
The 90,000-sf property, located at 330 E. 63rd St., adds over 2,000 rental units in Manhattan to Stonehenge's portfolio. The 93-unit, seven-story rental building occupies a 17,500-sf footprint. Eastern Consolidated director Aliza Avital represented the seller, and Avital together with Alan Miller, senior director, procured the buyer.
"It's rare for the seller, a local real estate family, to sell one of their buildings," notes Avital. "But the market is at an all-time high, so not surprisingly it made sense to maximize their investment at this time."
Miller explains that, "Stonehenge is thrilled with this new acquisition and intends to upgrade and renovate the property, and gradually raise rental rates. The majority of the apartments, 37 studios, 42 one-bedrooms, and 14 two-bedrooms, are rent-stabilized."
Average apartment sizes at 330 East 63rd St. are over 750 sf. The building is situated equidistant to the 59th and 68th Street subway line on Lexington Avenue.
Goldberg Weprin & Ustin LLP acted for the seller, while Larry M. Loeb, Esq. and Michael Fein, Esq. of Kramer Levin Naftalis Frankel LLP acted for the buyer.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
