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Commercial
New York

Dutch pension fund buys 30% stake in 21 West End

Deal values UWS rental tower at $650M

21 West End Avenue and PGGM's Edwin Velzel
21 West End Avenue and PGGM's Edwin Velzel

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.

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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

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