Korean firm makes US debut with $266M acquisition from Related

Eugene Asset Management buys UWS rental the Lyric

Jeff Blau, CEO, Related Companies, in front of The Lyric at 255 West 94th Street (Getty Images, Google Maps, iStock)
Jeff Blau, CEO, Related Companies, in front of The Lyric at 255 West 94th Street (Getty Images, Google Maps, iStock)

Owning the Lyric sounded like music to the ears of Eugene Asset Management, a Korean firm making its debut purchase in the United States.

The investment group bought the 285-unit Upper West Side rental at 255 West 94th Street from Related Companies for $266 million, PincusCo reported. The sale price works out to roughly $933,000 per unit.

Related constructed the 20-story building in 2001, and rents range from $3,750 to $9,950 per month, according to StreetEasy. Amenities at the 232,000-square-foot tower include bicycle storage, a business center, a children’s playroom, a gym and a rooftop terrace.

Cushman & Wakefield’s Doug Harmon and Adam Spies brokered the transaction.

Eugene Asset Management, a division of Seoul-based Eugene Investment & Securities, reportedly has about $5.4 billion under management, including roughly $662 million in real estate. In 2019, it made its first move in Europe, buying an office building in Poland for $61 million.

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Korean investment firms have recently been some of the most prominent players in the U.S. commercial real estate market. Late last year, Korean investment firm KTB Securities partnered with Jeff Sutton to buy an office complex in Weehawken, New Jersey for $219 million. The same two partners also recently combined at 103 North 4th Street in Williamsburg, Brooklyn.

Related appears to be putting a greater focus on developments at Hudson Yards. In October, Related paid Spitzer Enterprises $77 million for nearly all of its ownership interest in three Hudson Yard properties. The deal is close to where a joint venture is planning to develop housing.

Elsewhere on the Upper West Side, Sam Zell’s Equity Residential is selling the 354-unit rental building at 140 Riverside Boulevard to Douglas Eisenberg’s A&E Real Estate for $266 million.

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[PincusCo] — Holden Walter-Warner