Equity Residential has finally gone into contract to sell 800 Sixth Avenue for $240 million.
Greystar, the country’s largest manager of apartments with over 150,000 units, has agreed to buy the 266-unit, 36-story residential rental building, according to the New York Post.
Equity, founded by Sam Zell, sought to limit its exposure to Manhattan’s West Side amid a soft rental market. It also listed 505 West 54th Street in Hell’s Kitchen, and sold 101 West End Avenue to PGGM and the Dermot Company for $416 million.
Equity Residential’s former CEO, David Neithercut, previously said in July that the company had been looking to offload its apartment buildings on the West Side of Manhattan, where an oversupply of rental apartments had pushed down pricing.
Equity purchased the Sixth Avenue building from original developer Adelco in 2013, as part of a $16 billion joint venture with AvalonBay of the Archstone-Smith portfolio from Lehman Brothers. The building has 62 rent-stabilized apartments.
A Cushman & Wakefield team of Doug Harmon, Adam Spies and Marcella Fasulo, which had previously sold the building on behalf of Adelco to Equity Residential, negotiated this sale. [NYP] — David Jeans