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Stonehenge nabs UES rental for $130M

Ofer Yardeni’s firm teamed up with Stockbridge Capital Group to buy The Cole

Ofer Yardeni, chairman and chief executive officer, Stonehenge Partners in front of the Cole at 354 East 91st Street (Stonehenge Partners, iStock)
Ofer Yardeni, chairman and chief executive officer, Stonehenge Partners in front of the Cole at 354 East 91st Street (Stonehenge Partners, iStock)

Ofer Yardeni’s Stonehenge Partners bought an apartment building on the Upper East Side for nearly $130 million.

Stonehenge teamed up with San Francisco-based investor Stockbridge Capital Group to buy the 163-unit Cole at 354 East 91st Street from Carmel Partners, The Real Deal has learned. The purchase price is just shy of $130 million.

The 20-year-old building is 100 percent market-rate, which has been attractive with investors as the recovery of the city’s rental market has allowed landlords to raise prices.

Representatives for Stonehenge, Stockbridge and Carmel Partners did not immediately respond to requests for comment.

An HWE team led by Daniel Parker and Allie Boyan brokered the deal.

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The Cole, which stands 22 stories tall at the corner of First Avenue, spans roughly 125,000 square feet. The property includes ground-floor retail space leased to Duane Reade, as well as a parking garage. Alex Forkosh’s Forkosh Development developed the building in 2002 and sold it a decade later (at which time it was called the Electra) to Ron Ziff’s Carmel Partners for $95 million.

The city’s multifamily market saw a surge in big-ticket deals at the end of the year.

Josh Gotlib’s Black Spruce Management struck a deal to buy the American Copper Building from Michael Stern’s JDS Development Group and the Baupost Group for $850 million. Also in December, Blackstone Group went into contract to buy the Gehry Building at 8 Spruce Street from Brookfield Asset Management and Nuveen for $930 million.

Carmel Partners last week sold its 51 percent stake in a national portfolio of five rental properties — including the 155-unit 15 Cliff Street — to Brookfield, which had purchased a 49 percent stake in the portfolio in 2018.

Carmel also recently bought a development site on First Avenue several blocks south of the Cole for $73.5 million, where it plans to build a 24-story apartment building.

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Stonehenge PartnersUpper East Side