Ofer Yardeni’s Stonehenge Partners secured a $77 million acquisition loan from Signature Bank for a 175,000-square-foot Upper West Side rental building.
The Midtown-based investment firm sought to finance its purchase of the 15-story property at 210 West 70th Street, city records show. The firm acquired it from RREEF, the real estate investment managing arm of Deutsche Bank, for $133 million last month, as The Real Deal reported.
The building has long been known as the Bradford, but was just recently rebranded as Stonehenge 70. It was constructed as a hotel in 1924, and later converted to an apartment building in the 1950s. About a third of the 173 apartments are rent-stabilized units.
Yardeni and George Klett, Signature’s executive vice president and chairman of the commercial real estate committee, have been working together for more than 20 years, according to the New York Observer.
Prices for a studio apartment in the building start at $2,850 per month, while a one-bedroom begins at $3,650 per month.
SL Green Realty recently bought a stake of roughly 50 percent in Stonehenge’s 23-building, 2.6 million-square-foot portfolio late last year. It is not clear if Stonehenge 70 is part of the deal. [NYO] – Rich Bockmann