The Real Deal New York

Rockpoint, 60 Guilders look to sell leasehold at 180-unit Turtle Bay rental

19-story property on East 46th Street could fetch $40M: sources

June 06, 2016 11:55AM
By Konrad Putzier

From left: Rockpoint co-founder Bill Walton, 300 East 46th Street and Will Silverman

From left: Rockpoint co-founder Bill Walton, 300 East 46th Street and Hodges Ward Elliott’s Will Silverman

Rockpoint Group and 60 Guilders are looking to sell the leasehold on a 180-unit Turtle Bay rental building at 300 East 46th Street, sources told The Real Deal.

Sources said the leasehold for the 190,000-square-foot property, which has 30 years remaining, is expected to fetch around $40 million.

Rockpoint and 60 Guilders bought the leasehold from Schneider and Schneider in 2013 for $27 million. The building largely includes unrenovated apartments — 96 market-rate units and 70 rent-stabilized units. The other 14 apartments have been recently renovated. The ground floor holds a Duane Reade and a parking garage.

Hodges Ward Elliott’s Will Silverman, Paul Gillen and Daniel Parker are marketing it. They declined to comment.

Rockpoint, a Boston-based private real estate fund manager, recently bought two adjacent rental towers on Wall Street for $430 million. The firm’s partner, 60 Guilders, a retail-focused investment firm, acquired a Soho retail co-op for nearly $100 million.

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