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Archstone Snags Eastbridge Landing for $131M

NEW YORK CITY-The 209-unit, 22-story tower bumps Archstone’s total apartment portfolio in the New York-metropolitan area to 14 properties.

By Jacqueline Hlavenka | Updated on December 13, 2011

NEW YORK CITY-Furthering its expansion into the New York City market, Colorado-based apartment operator and investment firm Archstone has acquired Eastbridge Landing, a 209-unit, 22-story rental tower from sellers Madison International Realty and RFR Holding through an Archstone sponsored partnership, the company unveiled Tuesday morning. The site, located at 377 E. 33rd St., sold for a purchase price of $131 million.

The acquisition comes on the heels of Equity LifeStyle Properties Inc. trying to buy a 26.5% interest in Archstone for $1.3 billion, as GlobeSt.com previously reported. The deal now brings Archstone’s total apartment portfolio in the New York-metropolitan area to 14 properties. It currently owns and manages 10 rental towers in Manhattan, one in Brooklyn and one on Long Island. “It will increase our presence in New York, one of our core markets,” says R. Scot Sellers, CEO of Archstone, in a statement. “We are extremely excited about being back in the business of acquiring incredible apartment communities in the best neighborhoods in the country.”

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