Ofer Yardeni’s Stonehenge Partners has bought a West Village apartment building for $80.4 million. The price works out to $914,000 per each of the building’s 88 units.
Three investors affiliated with Heller Realty sold the six-story, 70,000-square-foot building at 780 Greenwich Street in an off-market transaction that closed on Aug. 17, property records show.
Yardeni said in a statement that the building “represents a true trophy asset as it is one of the few rental buildings in the Village with more than 75 large apartments.” Stonehenge plans to update the building’s apartments and its amenities.
Heller affiliates bought the building, constructed in 1949, for $46.5 million in a pair of transactions in 2017 and 2018. Units in the building were updated, including Carrara marble countertops, according to a StreetEasy listing.
An approximately 500-square-foot, one-bedroom apartment listed for $6,850 is the most recent unit in the building to lease.
Representatives for Stonehenge and Heller Realty did not immediately respond to requests for comment.
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The multifamily market stands to gain as increased borrowing rates push some would-be condo buyers into renting. Rents have consistently reached new records. Still, only a handful of companies are actively acquiring multifamily buildings in New York City, according to Gaia Real Estate’s Danny Fishman.
In addition to Stonehenge being an active player in the multifamily market, Gaia recently bought a multifamily building in Williamsburg, Brooklyn, for $80 million. Also, HUBB NYC and Meadow Partners made recent multifamily acquisitions in Williamsburg and the East Village, respectfully.
Stonehenge teamed up with San Francisco-based investor Stockbridge Capital Group earlier this year to buy a 163-unit rental building at 354 East 91st Street from Carmel Partners for just shy of $130 million. And it bought a 68-unit, white-brick apartment building at 920 Park Avenue in April 2021 for $135 million.
Stonehenge also owns 10 Downing Street, a 115-unit rental just blocks from its current West Village purchase, which it bought in 2005 for $47 million. The company currently owns 27 residential apartment buildings with more than 3,300 rental units, plus 150,000 square feet of retail and office space, according to the company.