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Equity Snares Three Macklowe MF Towers

NEW YORK CITY-The $475-million sale of Macklowe Properties' RiverTower, 777 Sixth and Longacre House brings Equity Residential's Manhattan holdings to 14 properties.

By Paul Bubny | Updated on February 01, 2010

NEW YORK CITY-Macklowe Properties is apparently exiting the rental apartment business here with its $475-million sale of three high-rise towers to Chicago-based Equity Residential. Equity says it has acquired two of the properties and is contract on the third. A Macklowe spokesman says the company has no comment.

Noting that the purchase price on the 910 rental units is “well below replacement cost” at $545 per square foot, Equity Residential president David Neithercut says in a release, “This transaction is yet another example of our ongoing strategy to add high-quality assets to our portfolio in core markets that position the company to benefit from improving apartment fundamentals.” Prior to Monday’s announcement, Equity’s New York City holdings included a dozen properties, including one in Brooklyn, along with the Talleyrand in suburban Tarrytown, NY and 11 in northern and central New Jersey.

Equity says it closed Friday on RiverTower, a 38-story, 323-unit apartment tower located at Sutton Place and 54th Street, and the 294-unit, 32-story 777 Sixth Ave. in Manhattan’s Chelsea neighborhood. RiverTower also includes a 36,000-square-foot parking garage, while 777 Sixth comes with 10,281 square feet of retail.

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