Pair of UES resi buildings sell for $21M

Six-story walkups sold to British private equity shop Henley Investments

New York /
Oct.October 02, 2017 02:40 PM

UPDATED, 5:47 p.m. October 2: A private equity firm based in the United Kingdom picked up a pair of Upper East Side residential buildings for $21 million, the company’s first purchase in New York City.

The six-story walkups at 409-413 East 84th Street, between First and York Avenues, sold to Henley Investments for $21 million and contain 48 apartments across 31,000 square feet with 75 feet of Frontage On East 84th Street, according to Besen & Associates‘ Dan Shapiro, who brokered the deal.

“We achieved a price that equated to a 2.6 percent going-in cap rate,” Shapiro said in a statement, “and there is tremendous value-add opportunity here for the purchaser.”

The seller was a company called 409-413 East 84th Street Realty Corp, which is affiliated with the St. Thomas Management Corporation.

Residents of the East 84th Street apartments may get some famous neighbors, as former President Barack Obama and First Lady Michelle Obama are reportedly looking at an apartment nearby at 10 Gracie Square. Additionally, Vornado Realty Trust is trying to sell a block of apartments and a fully leased retail condo at The Lucida On East 85th Street.

This post was updated to include additional information about the deal.


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