The Related Companies has put the Monterey — an Upper East Side rental property located at 175 East 96th Street between Lexington and Third avenues — up for sale, Bloomberg News first reported. Related is aiming for bids between $250 million and $300 million, sources told the New York Observer, meaning that the building’s 522 units could fetch approximately $575,000 each. Rents span from $3,125 to $3,795, according to marketing materials. Doug Harmon of Eastdil Secured is leading marketing.
Related constructed the 29-story building in 1993. The Monterey is an 80/20 building, meaning that 80 percent of units rent at market rate and the other 20 percent is set aside for low-income renters.