Dutch pension fund manager PGGM snapped up a 30 percent stake in apartment tower 21 West End Avenue, in a deal that valued the building at $650 million.
Carlyle Group and Greenfield Partners are the sellers, Real Estate Alert reported. Dermot Company and AFL-CIO Building Investment Trust, which developed the 616-unit tower, own the remaining 70 percent.
HFF brokered the deal, which marks PGGM’s first direct real estate investment in New York.
The price translates to around $1.1 million per apartment. The tower, which sits between West 60th and 61st streets, is 95 percent occupied. Leasing started in August 2016. [REA] — Konrad Putzier