Stonehenge Partners buys $135M UES rental building

Deal is one of a few large-ticket multifamily sales

New York /
Apr.April 28, 2021 03:34 PM
Stonehenge CEO Ofer Yardeni and 920 Park Avenue (Google Maps, Stonehenge)

Stonehenge CEO Ofer Yardeni and 920 Park Avenue (Google Maps, Stonehenge)

Spring is here for New York City’s multifamily market, and the latest green shoot is a $135 million deal on the Upper East Side.

Ofer Yardeni’s Stonehenge Partners has closed on the purchase of a 68-unit, white-brick apartment building at 920 Park Avenue, sources familiar with the sale told The Real Deal.

The purchase price works out to nearly $2 million per unit for the 1960s-era building at the corner of East 80th Street, one of the few rental buildings on that particularly tony stretch of Park Avenue. A little more than 80 percent of the building’s units are market-rate.

Stonehenge Partners owns a large portfolio of luxury rental buildings, primarily in Manhattan. Neither the firm or the private family that sold the building could immediately be reached for comment. The deal was negotiated by a JLL team led by Bob Knakal and Rob Hinckley, who could not be reached for comment.

The deal is one of a few large multifamily transactions in recent weeks, which have given the real estate industry hope that the market is starting to pick up the pace of sales.

RXR Realty recently went into contract in Brooklyn to buy the 320-unit rental portion of CIM Group and LIVWRK’s 85 Jay Street development in Dumbo for $220 million. And A&E Real Estate recently went into contract to buy SL Green Realty’s stake in the 263-unit 400 East 57th Street at a valuation of $133.5 million.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    New York skyline
    Rising interest rates will dampen city’s investment sales market this year
    Rising interest rates will dampen city’s investment sales market this year
    Legion Investment Group's Victor Sigoura and 26 East 84th Street (Getty Images, Google Maps, iStock)
    Old-guard landlords cash out in Manhattan, Bronx multifamily deals
    Old-guard landlords cash out in Manhattan, Bronx multifamily deals
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    From left: Waterford Property Company’s John Drachman with the Oceanaire complex in Long Beach and Affiliated Development's Nick Rojo with the Bohemian project in Lake Worth Beach (Renderings via Kobi Karp, Oceanaire)
    Public housing goes middle class
    Public housing goes middle class
    Gov. Kathy Hochul (Getty, iStock)
    With 421a dying, apartment project financing “has come to a stop”
    With 421a dying, apartment project financing “has come to a stop”
    arrow_forward_ios

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

    Loading...