The Real Deal New York

SL Green sells 49% stake in Stonehenge 57 to BlackRock

Deal values 261-unit rental building at 400 East 57th Street at $170M

October 19, 2016 06:59PM
By Rich Bockmann

400 East 57th Street in Sutton Place and Marc Holliday

400 East 57th Street in Sutton Place and Marc Holliday

SL Green Realty sold a 49 percent stake in Stonehenge 57, its 261-unit rental building on Sutton Place, to asset manager BlackRock in a deal that values the 19-story property at $170 million, the landlord announced Wednesday.

In late 2014, SL Green TRData LogoTINY bought a 50 percent stake in the residential and commercial portfolio owned by Stonehenge Partners, which included 2,800 rental apartments and 43,000 square feet.

But SL Green’s ownership in Stonehenge 57 at 400 East 57th Street predates that deal.

It was part of the David Frankel Realty portfolio that the commercial landlord purchased in 2012 along with Stonehenge Partners and Jeff Sutton’s Wharton Properties. Property records show SL Green bought the building for $109 million.

With BlackRock in at 49 percent, SL Green retains 41 percent and Stonehenge retains 10 percent.

Benjamin Young, BlackRock’s head of U.S. real estate, said the deal “fits very favorably within our investment strategy given its gateway market location, current income, and the potential for future value creation.”

The building has 261 apartments and 13,772 square feet of ground-floor retail.

Andrew Scandalios and Rob Hinckley of HFF represented SL Green in the deal.

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