Equity Residential looks to sell two Manhattan properties in soft rental market

Glut of new supply is pushing rents down

TRD New York /
Sep.September 17, 2018 09:30 AM

From left: 505 west 54th Street, Equity Residential’s founder Sam Zell, and 800 6th Avenue

Equity Residential is looking to sell two Manhattan multifamily buildings amid the city’s softening rental market.

The real estate investment trust has put 800 Sixth Avenue in Chelsea and 505 West 54th Street in Hell’s Kitchen on the market, Bloomberg News reported. No pricing was given for the properties.

A spokesperson for Equity Residential declined to comment, but outgoing CEO David Neithercut said on a July earnings call that the company is trying to reign in its exposure to the West Side of Manhattan, where a recent glut of new apartments has weighed down rents.

The company was listing one building as “an opportunity to address the negative impact in our New York City growth rates,” he said.

Sitting between 27th and 28th streets, 800 Sixth Avenue was built in 2003 and has 266 units. And 505 54th Street, which was constructed in 2001, has 222 units.

Equity Residential last week wrapped up the $416 million sale of the 506-unit 101 West End Avenue to Dermot, PGGM and USAA. Cushman & Wakefield’s Doug Harmon and Adam Spies exclusively brokered the sale of 101 West End Avenue, and are marketing the properties at 800 Sixth Avenue and 505 West 54th Street.[Bloomberg] – Rich Bockmann

 

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
Blackstone's Frank Cohen and Amazon CEO Jeff Bezos with the HQ2 site (Getty; Blackstone; Google Maps)

Amazon grows HQ2 site near DC with hotel buy

Amazon grows HQ2 site near DC with hotel buy
Rendering of the Tokyo Tokiwabashi project (Courtesy of Mitsubishi)

Mitsubishi unveils design for Japan’s tallest skyscraper

Mitsubishi unveils design for Japan’s tallest skyscraper
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
arrow_forward_ios

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

Loading...