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
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Related's Steve Ross and 1 Union Square South (Getty, Google Maps)

MKF Realty set to close on Related’s Union Square high-rise for $200M

MKF Realty set to close on Related’s Union Square high-rise for $200M
Related chairman Stephen Ross (Getty; iStock; Health Pass) 

Related, Cushman & Wakefield use new app to screen workers for Covid

Related, Cushman & Wakefield use new app to screen workers for Covid
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
Wesley Edens and 520 West 28th Street, Unit PH37 (Getty, Compass)

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
President Donald Trump and Joseph Biden (Getty, iStock)

Real estate donors backing Biden over Trump

Real estate donors backing Biden over Trump
arrow_forward_ios

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

Loading...