Akelius makes $61M Gramercy buy

Fast-growing investor has quickly built a portfolio of more than 1,000 units

TRD New York /
Aug.August 31, 2017 03:25 PM

321 East 22nd Street and Akelius’ Kunal Chothani

Akelius Real Estate Management picked up a 117-unit Gramercy rental building from Benedict Realty Group for nearly $61 million.

Akelius, the U.S. arm of Swedish investment giant Akelius that’s acquired a portfolio of more than 1,000 apartments since its launch in 2015, paid $60.9 million to buy the six-story building at 321 East 22nd Street, according to brokers at HFF who negotiated the deal on behalf of the seller.

The price works out to roughly $1,000 per square foot for the 62,000 rentable square feet, according to HFF broker Jeff Julien, who worked on the deal with colleagues Rob Hinckley and Andrew Scandalios.

That price is “in-line for this vintage,” Julien said.

Representatives for Akelius and Benedict were not immediately available for comment.

Benedict bought the property back 2012 for $31 million.

The 1960s-era building sits around the corner from a 17-story rental Akelius at 301 East 21st Street that Akelius purchased in 2015 for $167.5 million.

The company went on a tear scooping up rental properties in 2015 and 2016, but has been relatively quiet since purchasing the six-building Mohawk Apartments complex in Clinton Hill last year for $56.5 million.

In 2015, it bought a six-building portfolio in Crown Heights, Prospect-Lefferts Gardens and Flatbush for $124.5 million.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
Equity Residential chairman Sam Zell and CEO Mark Parrell (right) (Getty, iStock)

Sam Zell’s Equity Residential sees profits drop 15%

Sam Zell’s Equity Residential sees profits drop 15%
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
arrow_forward_ios

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

Loading...