Stonehenge Partners buys $135M UES rental building

Deal is one of a few large-ticket multifamily sales

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.

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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.