Stonehenge NYC has acquired a 32-story, 196-unit multifamily at 408 E. 92nd Street for $115M, a deal that translates to about $587K/unit.

According to reports, the deal for the tower—known as RiverEast—is still covered by the 421a tax credits that expired last year for new developments. The new owner is required to keep 25% of the units rent stabilized until 2026.

At that point, the owner will have to option to extend the commitment to maintain affordable units for another 15 years or convert all of the apartments to market-rate housing.

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
NOT FOR REPRINT

© 2025 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.