PGIM Trades Gramercy Park Apartment Complex At A Loss

PGIM Real Estate secured a nine-figure deal for a Gramercy Park apartment complex but suffered a loss in the process.

Canvas Investment Partners paid $104.5 million for 210-220 East 22nd Street, according to a press release and a deed reported by Crain’s New York. PGIM had paid $123 million in 2015 for the two buildings that comprise the complex.

Los Angeles-based Tokyu Land US provided $63 million in financing for Robert Morgenstern’s Canvas. A JLL team led by Jeffrey Julien and Rob Hinckley brokered the deal for PGIM, the investment management arm of New Jersey-based Prudential Financial. A Blank Rome team including Samantha Wallack and Maria V. Rodriguez represented Canvas.

The complex consists of two adjoining residential buildings connected on the ground floor. The properties include 82 studio units, 75 one-bedrooms, and eight three-bedrooms across roughly 205,000 square feet. They are 95 percent occupied.

Approximately half of the units have been fully renovated and feature vaulted ceilings, granite countertops, custom cabinetry, stainless steel appliances and in-unit washer-dryers.

Amenities include an attended lobby, a fitness center, and laundry facilities on every floor. Rents range from $3,000 for a studio to nearly $10,000 for larger units, according to StreetEasy.

“Gramercy Park has historically been and continues to be one of the most supply-constrained submarkets in New York City,” said JLL’s Rob Hinckley in a statement.

New York City rents have slid from record highs reached earlier this year.

The borough’s median rent dropped to $4,200 in September, marking the fourth time in five months rents fell annually, according to a report by appraiser Jonathan Miller for Douglas Elliman. For Manhattan rentals, September was the 13th straight month to notch a rise in inventory.

Canvas has made news in the past year for being on the sell-side of a handful of Manhattan deals. In September 2024, the firm sold four properties in Chelsea for $23 million.

— Caroline Handel