Search
 

Sutton Place Multifamily Tower Trades

NEW YORK CITY—The 311-unit asset now will be repositioned by the joint venture that acquired it.

By John Jordan | johnjordan | | Updated on February 05, 2016
RiverTower at Sutton Place was developed by Macklowe Properties in 1982, RiverTower at Sutton Place was developed by Macklowe Properties in 1982.
NEW YORK CITY— Equity Residential has sold its RiverTower at Sutton Place apartment tower here to a joint venture of Slate Property Group and GreenOak Real Estate for $390 million. Darcy Stacom and William Shanahan of CBRE represented Equity Residential in the transaction. The deal reportedly went into contract in the fall of last year. RiverTower at Sutton Place is a 38-story, 311-unit luxury rental building that was originally developed by Harry Macklowe in 1982 and purchased by Equity Residential in 2010. According to Macklowe’s website, RiverTower, located at 420 E. 54th St., was Macklowe Properties ‘ foray into large-scale residential development. Equity Residential announced on Feb. 1, 2010 it had acquired RiverTower along with 777 Sixth Ave., a 32-story, 293-unit apartment tower in Chelsea and was in contract to purchase Longacre House, a 26-story apartment building at 305 W. 50th St. The Chicago-based firm closed on that transaction at the end of March of that year. The three buildings were acquired in a deal valued at $475 million. RiverTower offers one-, two- and three-plus bedroom apartment units and also includes a 28,000-square-foot landscaped plaza, an onsite 182-car parking garage, and a fitness center. Slate and GreenOak plan to reposition River Tower by undertaking a comprehensive building renovation as well as upgrades of the units. No value on the repositioning program was released.    

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.