Equity Residential to part with 800 Sixth
for $240M

Greystar is in contract for the 266-unit rental building

TRD 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
Ed D’Ambrosio (center) with Dottie Herman and Rory Golod (Elliman, Twitter)

O Brother, where art thou? Dottie Herman’s brother leaves for Compass

O Brother, where art thou? Dottie Herman’s brother leaves for Compass
Bed Bath & Beyond CEO Mark Tritton (Getty)

Pandemic profits buoy Bed Bath & Beyond

Pandemic profits buoy Bed Bath & Beyond
445 Fifth Avenue and Harbor Group's Jordan Slone (Google Maps)

Harbor Group sued after defaulting on $40M loan at Midtown retail space

Harbor Group sued after defaulting on $40M loan at Midtown retail space
Governor Andrew Cuomo (Getty; Pixabay)

Landlords, tenants react to Cuomo’s latest eviction ban

Landlords, tenants react to Cuomo’s latest eviction ban
Retail bankruptcies are on pace to surpass those filed in 2010, while store closings have already passed those from 2019, according to a report (Getty)

Retail bankruptcies on pace to rival 2010: report

Retail bankruptcies on pace to rival 2010: report
175 Water Street and Nathan Berman of Metro Loft Management (Berman via CityRealty)

Inside Metro Loft’s new design for 175 Water Street

Inside Metro Loft’s new design for 175 Water Street
A rendering of 121 Morgan Avenue in Bushwick and Benefit Street Partners’ managing director Micah Goodman (Photos via EXR; Benefit Street Partners)

Brooklyn developer duo hit with foreclosure lawsuit

Brooklyn developer duo hit with foreclosure lawsuit
ButterflyMX CEO Cyrus Claffey (iStock; ButterflyMX)

ButterflyMX raises $35M to grow smart-intercom business

ButterflyMX raises $35M to grow smart-intercom business
arrow_forward_ios

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

Loading...