Related sells Monterey rental to Schron for $250M

Deal marks largest multi-family sale in NYC this year

New York /
Apr.April 03, 2013 05:30 PM

The Related Companies has agreed to sell the Monterey on the Upper East Side to investor Rubin Schron for $250 million, marking the priciest sale of a multi-family building in Manhattan so far this year, Bloomberg News reported. The 521-unit rental property at 175 East 96th Street was one of Related’s largest apartment buildings.

“Manhattan, high-quality, institutional, residential, rental real estate never goes out of favor,” Eastdil Secured’s Doug Harmon, who handled the sale, told Bloomberg. “Because of Monterey’s size, spacious apartments, spectacular views and full amenity package, it priced equally well to converters as it did to the rental-building buyers.”

Related put the Monterey on the block in late January, as previously reported. Related had been aiming for bids between $250 million and $300 million.

Rents at the building, which Related developed in 1993, span from $2,795 to $5,900 per month.

The Monterey is an 80/20 building, which means that 80 percent of its units are market rate, and the remaining 20 percent are set aside for affordable housing. [Bloomberg News]Zachary Kussin


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
The Vessel at Hudson Yards (Getty)
Vessel will reopen at Hudson Yards — with $10 fee, new security
Vessel will reopen at Hudson Yards — with $10 fee, new security
Deutsche Bank CEO Christian Sewing (Getty Images)
Time Warner Center is now the Deutsche Bank Center
Time Warner Center is now the Deutsche Bank Center
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)
Related Companies buys West Palm Beach office tower for $175M
Related Companies buys West Palm Beach office tower for $175M
Queens Borough President Donovan Richards in front of Willets Point. (Office of Queens Borough President, WikiMedia / Jim.henderson)
Willets Point redevelopment finally moves ahead
Willets Point redevelopment finally moves ahead
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
arrow_forward_ios

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

Loading...