Equity Residential to part with 800 Sixth
for $240M

Greystar is in contract for the 266-unit rental building

New York /
Jan.January 16, 2019 10:30 AM

800 Sixth Avenue and Sam Zell (Credit: Google Maps and Getty Images)

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 


Related Articles

arrow_forward_ios
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Attorney General Letitia James and A&E Real Estate CEO James Patchett (Getty, iStock)
A&E pays just $510K in lead-paint settlement
A&E pays just $510K in lead-paint settlement
Seeding from recapitalization of 25 health care properties
KKR, Cornerstone in $1B JV to develop health care facilities
KKR, Cornerstone in $1B JV to develop health care facilities
The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
Halloween Adventure to vacate East Village home as retail condo hits market
Halloween Adventure to vacate East Village home as retail condo hits market
The slowing of the housing market has squeezed the profit margins of house-flipping investors. (iStock)
Profit margins on fixer-uppers fall to 10-year low
Profit margins on fixer-uppers fall to 10-year low
The Saratoga County construction company owner defrauded homebuyers and lenders out of $1 million, spending money on himself or other jobs rather than the homes he promised to build. (iStock)
Upstate homebuilder gets prison for failing to deliver
Upstate homebuilder gets prison for failing to deliver
Quick turnaround times have luxury buyers considering modular as an alternative to traditional construction for grandiose homes. (iStock)
Modular construction works for luxury homes, too
Modular construction works for luxury homes, too
arrow_forward_ios

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

Loading...