Archstone pays $131M for Kips Bay apartment building

New York /
Dec.December 13, 2011 09:21 AM

alternate
text
From left: Archstone CEO Scot Sellers and 377 East 33rd Street (building credit: PropertyShark)
While a bidding war has emerged for its portfolio, Archstone acquired a 209-unit Kips Bay apartment building for $131 million, the apartment investment firm announced today, and will rename it Archstone Kips Bay.

The building, at 377 East 33rd Street near First Avenue, had been owned by Madison International Realty and RFR Holding, which bought it for an undisclosed price in 2007, according to public records. The partnership took out a $100 million loan on the building from Anglo Irish Bank.

Madison and RFR were represented by a Cushman & Wakefield Sonnenblick Goldman team by Dave Karson, Helen Hwang and Nat Rockett.
“The ownership was not a seller entering the market and there was no shortage of capital opportunities around this asset, but Archstone has such a terrific track record and reputation that we felt compelled to explore a transaction with them,” Dave Karson said in a statement.

The acquisition marks Archstone’s 14th apartment complex in New York. The investment firm was taken private after a $22 billion purchase led by Lehman in 2007, and a large stake in it is now on the market. Sam Zell’s Equity Residential is a leading candidate to purchase it. — Adam Fusfeld


Related Articles

arrow_forward_ios
The Closing: Ron Dickerman
The Closing: Ron Dickerman
The Closing: Ron Dickerman
Dr. Samantha Boardman. Inset: Aby Rosen (Getty, iStock)
Aby Rosen’s wife: “Huge amount of dread” about return to offices
Aby Rosen’s wife: “Huge amount of dread” about return to offices
Aby Rosen and 60 East 55th Street. (Getty, Google Maps)
Special servicer calls for Aby Rosen’s home of Core Club to be sold at auction
Special servicer calls for Aby Rosen’s home of Core Club to be sold at auction
From left: RFR’s Aby Rosen, Vanke US managing director Kai-yan Lee and 100 East 53rd Street (Photos via Tdorante10/Wikipedia and Getty)
Chinese bank seeks foreclosure of RFR and Vanke’s Midtown condo project
Chinese bank seeks foreclosure of RFR and Vanke’s Midtown condo project
From left: Vanke US managing director Kai-yan Lee, 100 East 53rd Street and RFR’s Aby Rosen (Photos via Foster + Partners and Getty)
Vanke files $680K suit in condo dispute with RFR
Vanke files $680K suit in condo dispute with RFR
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)
Vanke seeks to remove RFR from Midtown condo project
Vanke seeks to remove RFR from Midtown condo project
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)
Aby Rosen to build sprawling gym in Seagram Building
Aby Rosen to build sprawling gym in Seagram Building
The Chrysler Building and Aby Rosen (Credit: Rosen by Sean Zanni/Patrick McMullan via Getty Images)
Retail tenants disappearing from Chrysler Building
Retail tenants disappearing from Chrysler Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...