The Real Deal New York

A&E buys UWS complex for $220M

Property at 175 West 87th Street contains 266 resi units across two buildings
December 10, 2018 11:30AM

Glenn Gardens at 175 West 87th Street and Douglas Eisenberg (Credit: Apartments)

A&E Real Estate Holdings has spent $220 million to buy Glenn Gardens on the Upper West Side.

The company bought the residential complex at 175 West 87th Street from a Sherwood Guernsey-led partnership, according to Commercial Observer. The property consists of two buildings with 266 residential units. This is the first time ownership has changed since 1974, when Glenn Gardens was built.

The building includes one 32-story residential tower, one five-story walk-up, a parking garage for 150 cars and an undisclosed amount of development rights.

Glenn Gardens was originally part of the Mitchell-Lama program, but the landlord withdrew from the program in the early 2000s.

Meridian Capital Group’s investment sales division represented both the buyer and seller. The deal was financed with a $163 million loan from KKR Real Estate Finance Trust.

A&E has made multiple major purchases in New York City this year, including a portfolio of six multifamily buildings in Queens for $127.5 million and Stonehenge Village—a three-building, 420-unit property on the Upper West Side—for $287 million. [CO] – Eddie Small