The Real Deal New York

GreenOak shoots for $90M sellout at UWS condo conversion

Building at 150 West 82nd Street still has 18 rent stabilized apartments
By Will Parker | October 19, 2018 04:00PM

150 West 82nd Street and GreenOak Real Estate’s Kevin Robinson (Credit: CityRealty and GreenOak Real Estate)

Private equity firm GreenOak Real Estate is in the process of converting 150 West 82nd Street into condominiums, an offering plan filed with the New York Attorney General’s office shows.

The developer wants to sell 40 apartments at the 58-unit rental building for a total of $90 million, according to the plans. Tax records show the building still holds 18 rent stabilized apartments.

GreenOak first acquired the property in 2014 as part of a joint venture with Thor Equities. It later bought out Thor’s stake in 150 West 82nd Street, 120 and 125 Riverside Drive in a deal valuing all three buildings at $190 million.

A representative for GreenOak did not respond to a request seeking comment.

Building permits at 150 West 82nd Street suggest Slate Property Group is involved in the conversion, which makes sense give the history between the two.

Along with Slate, GreenOak bought the RiverTower in Manhattan in 2015 for $390 million. And in May, it was in late-stage talks to buy the Biltmore rental tower for about $250 million.

Earlier this year, GreenOak raised $1.55 billion for its third American property fund, the company’s biggest raise to date.