Pair of UES resi buildings sell for $21M

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

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

409-413 East 84th Street (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
445 Fifth Avenue and Harbor Group's Jordan Slone (Google Maps)

Harbor Group sued after defaulting on $40M loan at Midtown retail space

Harbor Group sued after defaulting on $40M loan at Midtown retail space
Governor Andrew Cuomo (Getty; Pixabay)

Landlords, tenants react to Cuomo’s latest eviction ban

Landlords, tenants react to Cuomo’s latest eviction ban
Retail bankruptcies are on pace to surpass those filed in 2010, while store closings have already passed those from 2019, according to a report (Getty)

Retail bankruptcies on pace to rival 2010: report

Retail bankruptcies on pace to rival 2010: report
175 Water Street and Nathan Berman of Metro Loft Management (Berman via CityRealty)

Inside Metro Loft’s new design for 175 Water Street

Inside Metro Loft’s new design for 175 Water Street
A rendering of 121 Morgan Avenue in Bushwick and Benefit Street Partners’ managing director Micah Goodman (Photos via EXR; Benefit Street Partners)

Brooklyn developer duo hit with foreclosure lawsuit

Brooklyn developer duo hit with foreclosure lawsuit
Corey Johnson, Andrew Rigie and Mayor Bill de Blasio (Getty)

Commercial tenant protections get extension from de Blasio

Commercial tenant protections get extension from de Blasio
(iStock)

New York’s law firm leasing volume down by 45%: report

New York’s law firm leasing volume down by 45%: report
A federal judge issued an injunction allowing TikTok to remain in app stores. The company recently signed a major office lease at One Five One in New York (Getty; iStock; Google Maps)

TikTok, savior of NYC’s office market, not yet banned in US

TikTok, savior of NYC’s office market, not yet banned in US
arrow_forward_ios

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

Loading...