The Real Deal New York

Related puts Monterey rental building up for sale

January 24, 2013 02:30PM

The Related Companies has put the Monterey — an Upper East Side rental property located at 175 East 96th Street between Lexington and Third avenues — up for sale, Bloomberg News first reported. Related is aiming for bids between $250 million and $300 million, sources told the New York Observer, meaning that the building’s 522 units could fetch approximately $575,000 each. Rents span from $3,125 to $3,795, according to marketing materials. Doug Harmon of Eastdil Secured is leading marketing.

Related constructed the 29-story building in 1993. The Monterey is an 80/20 building, meaning that 80 percent of units rent at market rate and the other 20 percent is set aside for low-income renters.

The Monterey has a fitness center with a lap pool and cardio equipment, as well as a recently renovated roof deck. [Bloomberg News] and [NYO]Zachary Kussin

  • Tom D

    Your rental numbers are wrong. That’s about the range for one BRs and even that misrepresents the high end. They also have lower priced studios and higher priced 2 BRs.