Stonehenge Partners’ Ofer Yardeni and Joel Seiden purchased an apartment building at 103 East 86th Street for $76 million, the New York Post reported. Located just off Park Avenue, the 90,000-square-foot, 13-story building traded for $850 per square foot — or $1.6 million for each of the 48 units.
There are five vacancies in the building now. They will be fully renovated and put on the rental market for $90 to $100 per square foot, the Post said. “There are almost no luxury rental buildings left on the Upper East Side,” Yardeni told the Post, as most are being converted into condominiums.
A three-bedroom, two-bathroom unit in the building was listed by the Corcoran Group for $6,900 per month as of mid-October, down from $7,250 per month, according to Streeteasy.com. The listing is no longer available. A five-bedroom, five-bathroom apartment is on the market for $24,500.