GreenOak shoots for $90M sellout at UWS condo conversion

Building at 150 West 82nd Street still has 18 rent stabilized apartments

TRD NEW YORK /
Oct.October 19, 2018 04:00 PM

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.


Related Articles

arrow_forward_ios
133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

22 Quincy Street in Brooklyn (Credit: Google Maps)

Salvation Army rings bell on Clinton Hill warehouse sale for $29M

ART: 51 Jay Street and from left: Martin Nussbaum, Dvir Cohen and David Schwartz

Condo owners at 51 Jay sue Slate Property Group, Adam America

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

arrow_forward_ios
Loading...