The Real Deal New York

88 Lexington Avenue trades for $82M

Halstead had purchased rental tower five years ago for $32M

August 28, 2012 04:00PM
By Zachary Kussin

88 Lexington Avenue
(credit: PropertyShark)

A 17-story rental apartment building located at 88 Lexington Avenue near 26th Street has traded hands for $82 million, according to public records filed with the city today. The deed identifies the seller as Halstead Management Company and the purchaser as Westbrook Partners, a New York-based real estate investment management company.

Halstead declined to comment. A call to Caran Properties, listed as the manager of the property on Streeteasy.com, seeking comment and confirmation was not immediately returned. The Marino Organization, whom Westbrook said handles its press, also declined comment.

The deed shows a sale contract date of June 27 and a date of transfer of Aug. 15.

The building measures 152,310 square feet, according to PropertyShark.com. Broken down, there are 148,310 square feet of residential space and a 4,000-square-foot garage. The building houses 180 units. Its assessed value comes in at over $12 million and its market value at just over $27 million.

The most recent rental to be spoken for, according to Streeteasy.com, was a $3,200 studio apartment in July. Before that, a one-bedroom, one-bath unit rented for $3,550 in late June. Both were listed by Halstead Property.

City public records show that Halstead purchased the building for $32 million in April 2007 from an entity named New Bilota Equities Corporation N.V.

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