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UDR Acquires 95 Wall From Moinian for $325M

NEW YORK CITY-At the same time, the Moinian Group secured an $84 million mortgage on the residential portion of 100 John Street, a 36-story mixed-use building in the Financial District.

By Jacqueline Hlavenka | Updated on August 09, 2011

NEW YORK CITY-Publicly-traded REIT UDR, Inc. entered an agreement to acquire the Moinian Group’s luxury 507-unit Dwell95 tower at 95 Wall St. for $325 million, a deal that further expands UDR’s presence in the New York market. The purchase price of the building will be funded through the issuance of approximately $50 million of operating partnership units and $275 million in cash, partially funded through the proceeds from the disposition of communities that no longer fit the long-term growth profile of the company, UDR says in a statement.

The acquisition will increase the Highlands Ranch, CO-based REIT’s Manhattan portfolio to $1.2 billion in assets and 1,916 units total. UDR also owns the 493-unit apartment tower at 10 Hanover Square just one block east of 95 Wall St., as well as Rivergate in Murray Hill at 401 E. 34th St.

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