21-Story MXD Closes for $126M

NEW YORK CITY-The Easton at 360 E. 65th St., a 21-story 158-unit apartment building with five retail stores, one professional space, and a 69-car garage, traded for $126 million to Stonehenge Partners. Eastern Consolidated vice chairman and principal Brian Ezratty represented both the seller; Broadway Management Co. Inc. and procured the buyer.

“Based on the number of existing market rate units–approximately 57%–the property could begin the conversion process immediately, although the new owners will likely operate it as a high-end rental,” Ezratty explains. “The stores along First Avenue, which comprise 9,700 sf, are 100% occupied at an average rent of $75 per foot, well below market. So there’s terrific upside for the new owner to increase retail rental rates, and convert the building to condominiums according to market demand or operate it as a high-end rental building.”