NEW YORK CITY-Brack Capital Real Estate has sold the Greystone, at 212 West 91st St., for $139 million.The buyer was Acuity Capital Partners.
Aaron Jungreis, president of Rosewood Realty Group represented the seller and purchaser in the transaction. Eastdil Secured acted as an advisor to the seller. Acuity has taken out a $113.65 million loan facility on the property from Ares Commercial Real Estate, which was arranged by Michael Edery, managing member of Paradigm Funding.
“Throughout the repositioning of this iconic Upper West Side property, our team was dedicated to ensuring this site was brought to its full potential,” says Issac Hera, CEO of Brack Capital Real Estate-USA. “With our continuing focus on strategic growth in New York City, this sale allows BCRE to carry on in our mission of securing prime opportunities where we can build value.”
“We are fortunate to have acquired the Greystone, a quintessential Manhattan building as our initial purchase that will enable us to meet the objectives set forth for our investors,” says Elliot Neumann, Acuity's COO. “Acuity is actively looking at other opportunities throughout New York City with our captive pool of high net worth and institutional capital partners..”
BCRE converted the Greystone—built as a grand hotel in 1923—into a luxury residential property in 2009. The property includes 362 apartments ranging from studios to three-bedroom units.
BCRE's New York City projects include 15 Union Square West; 90 West St.; the Element, at 555 W. 59th St.; the Olcott, at 27 W. 72nd St.; the Hilton Garden Inn, at 63 W. 35th St.; 218 W. 50th Street; 189 Bowery St.; and the James New York, a hotel at 27 Grand St.; and the Indigo hotel at 180 Orchard St..
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
