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New York

Zell’s Equity Residential buys UWS development rights for 230-unit apartment

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Equity International Chairman Sam Zell and 170 Amsterdam Avenue (building credit: PropertyShark)

For all his talk of investments in emerging markets, Sam Zell hasn’t completely abandoned his home country. According to the New York Post, his Chicago-based Equity Residential firm just grabbed an Upper West Side development site for $76.5 million.

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The firm picked up a 99-year leasehold on the 20,700-square-foot site at 170 Amsterdam Avenue between 66th and 67th streets with intentions to build a new structure with 230 apartments and 8,500 square feet of retail. The site has just under 239,000 square feet of development rights and more than 200 feet of frontage along Amsterdam Avenue.

The site is owned by American Continental Properties, which acquired it in 2003, public records show, but the price is not listed. Newmark Knight Frank had been marketing a two-story structure on the site as a 51,000-square-foot retail space. [Post, 1st item]

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Equity ResidentialSam Zell