NEW YORK CITY-One of the last luxury rental buildings on the Upper East Side is now off the market. A joint venture of HFZ Capital Group and Vornado Capital Partners—an $800 million fund sponsored by Vornado Realty Trust—have acquired 11 E. 68^th St., a 12-story, 100,000-square-foot neo-renaissance style property between 5^th and Madison Avenue for $170 million, the JV said Monday morning.

“We are delighted to purchase an apartment building with such a distinguished New York history,” says Ziel Feldman, founder and president of HFZ Capital Group, in a prepared statement following the transaction. “11 East 68th Street’s residences could never be replicated in today’s market. Gracious old world proportions in one of the best locations in Manhattan make the property totally unique.”

Under the deal, HFZ will own and reposition the existing 44 rental apartments, while Vornado will own and manage 5,000 square feet of retail on the ground floor of the building. The goal, Feldman says, is to “respect the special quality” of the property, update the infrastructure and “bring the building back to its original positioning as one of the most important residences in the city.”