Alex Rodriguez partnership buys first New York apartment building

Allen House building sold for $581K per unit

Feb.February 21, 2020 10:30 AM
340 East 51st Street and from left: Ofer Yardeni, Alex Rodriguez and Adam Modlin (Credit: Getty Images, Google Maps)

340 East 51st Street and from left: Ofer Yardeni, Alex Rodriguez and Adam Modlin (Credit: Getty Images, Google Maps)

Yankees superstar Alex Rodriguez and his partners scored their first real estate purchase together for $66.25 million, The Real Deal has learned.

The retired Yankees slugger, real estate investor, entrepreneur and broadcaster partnered last year with broker Adam Modlin and Ofer Yardeni’s Stonehenge NYC with plans to buy $1 billion worth of value-add multifamily real estate in New York City.

A-Rod Corp, Stonehenge NYC and Modlin Group paid $707 per square foot and about $581,000 per unit for the 114-unit building at 340 East 51st Street, known as the Allen House. The 14-story building was completed in 1965 by the London family, according to a release. The family sold the building.

The Midtown East building will be rebranded as Stonehenge 51, and the partners plan to lease rentals for periods of six months or more through the Stonehenge Reserve program, and offer fully furnished units.

David Krantz and Paul Leibowitz of Savills brokered the sale. Stonehenge sourced the deal, led the due diligence, and will manage the business plan and budget for the building.

Modlin, Rodriguez’s personal broker, introduced him to Stonehenge CEO Yardeni in Miami in December 2018. Six months later, the trio announced a partnership to buy rental buildings and condos in the Big Apple.

Yardeni said last year that the partners will be tapping their personal networks to raise about $500 million and then leverage that to buy $1 billion worth of multifamily properties.

Stonehenge owns and manages 19 apartment buildings with more than 2,800 units, according to the company.

Rodriguez founded his Miami-based Arod Corp in 2003. Since then, the firm has purchased over 15,000 apartments across the U.S., deploying hundreds of millions of dollars on real estate and investing in a number of ventures, including Sonder, Snapchat and NRG eSports.

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