The Real Deal New York

UDR closes on $325M purchase of 95 Wall

September 01, 2011 11:44AM

From left: UDR CEO Tom Toomey and 95 Wall Street (building source: PropertyShark)

Colorado-based UDR has closed on its acquisition of the 507-unit rental building at 95 Wall Street for $325 million, the firm announced today. It bought the 22-story Financial District building, formerly known as Dwell95, from the Moinian Group, which converted it to luxury rentals after it previously served as JPMorgan’s headquarters.

As The Real Deal previously reported, the transaction comes out to about $550,000 per unit, excluding the 97-space parking garage and 7,526-square-foot ground-floor retail space. The apartments are 93 percent occupied, according to UDR, and rent for an average of $3,100 per month. Six units in the building are currently on the market, shows, ranging from a $2,600 per month studio to a $5,000 per month two-bedroom apartment. Recent leases show a 1,100-square-foot, three-bedroom apartment renting for $4,984 per month.

When the deal was first publicized in August, UDR CEO Tom Tooney cited the vibrancy and growth of the Financial District as key reasons to invest in the building. The deal does not yet appear in public records.

Since April, UDR has acquired 10 Hanover Square for $261 million, the Rivergate complex in Murray Hill and 21 Chelsea for $443 million and $138 million, respectively, in addition to this transaction. — Adam Fusfeld

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