The Real Deal New York

Stonehenge to buy large UWS rental for $135M

The Bradford at 210 West 70th St. was marketed for condo conversion, but likely to stay a rental

November 24, 2015 04:50PM
By Mark Maurer

210 West 70th

210 West 70th Street on the Upper West Side (inset: Ofer Yardeni, courtesy of STUDIO SCRIVO)

Ofer Yardeni’s Stonehenge Partners is in contract to buy a large Upper West Side rental building known at the Bradford for $135 million, according to insiders.

The 15-story, 175,000-square-foot property at 210 West 70th Street, near Amsterdam Avenue, houses 173 rental units and restaurant Lincoln Square Steak. About a third of the apartments are rent-stabilized.

RREEF, the real estate investment management arm of Deutsche Bank, is expected to close on the sale to Stonehenge by year’s end, sources said.
The deal comes to about $770 per square foot.

Although SL Green Realty bought a roughly 50 percent stake in Stonehenge’s 23-building, 2.6 million-square-foot portfolio late last year, it is not immediately clear if the firm is a partner on this pending deal.

Eastdil Secured’s Adam Spies and Douglas Harmon were marketing the property as a potential condo conversion, but Stonehenge is likely continue operating it as a rental, sources said.

Representatives from Stonehenge and Eastdil could not be reached, while Deutsche Bank declined to comment.

In another sizable, single-building Upper West Side multifamily buy, Larry Gluck’s Stellar Management is slated to close later this month on the $150 million purchase of the Paris, a 24-story rental at 752 West End Avenue.