Stonehenge Partners continues to add to its already impressive Manhattan portfolio. The real estate company recently closed on a seven-story, 90,000-square-foot apartment building at 330 East 63rd Street for $39 million, according to city records. (UPDATE: The Real Deal in late June reported the purchase closed.)
The acquisition of the 93-unit building between First and Second avenues brings the total number of city units owned by Stonehenge to over 2,000.
The full release about the purchase is below.
STONEHENGE PARTNERS ACQUIRES 330 EAST
63RD STREET FOR $39 MILLION
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Eastern Consolidated Represented the Seller and Procured the Buyer
New York, NY- July 9, 2007 – Adding to its portfolio of over 2,000 rental units in Manhattan, Stonehenge Partners Inc., led by principals Ofer Yardeni and Joel Seiden has acquired a 93-unit, seven-story rental building located between First and Second Avenues on Manhattan’s Upper East Side. The 90,000-square foot property at 330 East 63rd Street occupies a 17,500-square-foot footprint.
Eastern Consolidated Director Aliza Avital represented the seller, 63rd East Side Realty LLC, and Ms. Avital together with Alan P. Miller, Senior Director, procured the buyer.
“It’s rare for the seller, a local real estate family, to sell one of their buildings,” noted Ms. Avital. “But the market is at an all-time high, so not surprisingly it made sense to maximize their investment at this time.”
According to Mr. Miller, “Stonehenge is thrilled with this new acquisition and intends to upgrade and renovate the property, and gradually raise rental rates. The majority of the apartments, 37 studios, 42 one-bedrooms, and 14-two bedrooms, are rent-stabilized.”
Average apartment sizes at 330 East 63rd Street are over 750 square feet. The building is situated equidistant to the 59th and 68th Street subway line on Lexington Avenue.
Andrew W. Albstein, Esq. and Doran Golubtchik Esq. of Goldberg Weprin & Ustin LLP acted for the seller, while Larry M. Loeb, Esq. and Michael Fein, Esq. of Kramer Levin Naftalis Frankel LLP
Founded in 1981, Eastern Consolidated has emerged as one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.