A Cushman & Wakefield team led by Doug Harmon, Adam Spies and Josh King handled the negotiations and were the only brokers involved in the deal.

AvalonBay will update its full year 2018 financial guidance to reflect the expected impacts of this transaction. The company stock opened at $177.22 on Friday. In its 10-Q quarterly report for the period ended June 30, 2018, the real estate investment trust had revenue of $569,239 million compared to the year-over-year, three-month period ended June 30, 2017 of $530,512 million.

In a note of local history, a colorful article in Curbed published on April 19, 2017 reported how the site of Avalon Bowery Place tells a vivid New York story. The apartments are located where once a hotel that served soldiers from the Civil War stood. The property later became a saloon of ill-repute, often raided by the police and frequented by prostitutes, and others suffering from misfortunes, which led to its nickname “Suicide Hall.” After the business closed, the building became a low-rent hotel. From the 1960s a women's artist cooperative occupied the building for 40 years. The Curbed article finally notes that in 2005, the structure was demolished and the luxury multifamily was built in its place. The Avalon Bowery Place is shown in the image provided by PropertyShark.

AvalonBay's website shows 11 New York City properties. The company owns or holds ownership interest in 287 apartment communities, totaling 84,043 apartment homes in 12 states and in Washington, DC.