Equity Residential looks to sell two Manhattan properties in soft rental market
Glut of new supply is pushing rents down
A spokesperson for Equity Residential declined to comment, but outgoing CEO David Neithercut said on a July earnings call that the company is trying to reign in its exposure to the West Side of Manhattan, where a recent glut of new apartments has weighed down rents.
The company was listing one building as “an opportunity to address the negative impact in our New York City growth rates,” he said.
Sitting between 27th and 28th streets, 800 Sixth Avenue was built in 2003 and has 266 units. And 505 54th Street, which was constructed in 2001, has 222 units.
Equity Residential last week wrapped up the $416 million sale of the 506-unit 101 West End Avenue to Dermot, PGGM and USAA. Cushman & Wakefield’s Doug Harmon and Adam Spies exclusively brokered the sale of 101 West End Avenue, and are marketing the properties at 800 Sixth Avenue and 505 West 54th Street.[Bloomberg] – Rich Bockmann