A joint venture led by Canvas Property Group is acquiring a Manhattan apartment complex for $104.5 million.
Known as 210-220 East 22nd St., the asset features 204 rentals in the Gramercy Park area. The 100 percent fair market property consists of 39 two-bedroom apartments, 75-one bedrooms, eight three-bedrooms, and 82 studios. About half of the units have completed renovation, with occupancy at the apartments at 95 percent.
The site features two adjoining buildings that share a ground floor. Plus, both have amenities including a fitness center, extra laundry facilities on each floor, and a residential lounge. Additionally, the renovated apartments come with their own washer and dryers, walk-in closets, stainless steel appliances, arched ceilings, granite countertops, and some feature private terraces.
Major grocers and retailers including Trader Joe’s and Target are within walking distance. Also, monuments including Union Square, Madison Square Park, and greenspaces are nearby.
Declaration Partners and Tokyu Land US Corporation served as JV partners on the deal with Canvas. JLL represented the buyers along with the seller, which was identified as a worldwide real estate investment advisor.
“Gramercy Park has historically been and continues to be one of the most supply-constrained submarkets in New York City,” Rob Hinckley, senior managing director in the New York office of JLL Capital Markets, said in a statement.
“For those working in the Midtown South tech sector or First Avenue medical corridor, 210-220 East 22nd Street offers a coveted walkable commute and a dynamic neighborhood to live.”
Also, Canvas founder Robert Morgenstern noted that the company has “extensive experience” operating and owning luxury multifamily assets in Gramercy Park. Focusing on New York City, Canvas has been involved with nearly 2,000 apartments in the metro area, whether that’s managing them to playing a role in construction.