Transactions - OCTOBER 20, 2016

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BlackRock purchases 49% stake in Manhattan apartment complex

by Jody Barhanovich

BlackRock has acquired a 49 percent stake in Stonehenge 57, an apartment property in Manhattan, from SL Green Realty Corp. for $83.3 million, valuing the property at $170 million, or approximately $651,000 per unit.

The 261-unit apartment property at 400 E. 57 St. has 19 floors and 13,772 square feet of retail space. New York Community Bank provided a 10-year, $100 millionmortgage loan at a 3 percent fixed rate in conjunction with SL Green’s recapitalization of the property.

SL Green had purchased the property in 2012in a venture with Stonehenge Partners, which no longer owns a stake

The New York City multifamily market has seen positive growth in third quarter 2016, according to Marcus & Millichap’s third quarter 2016 Multifamily Research Market Report: New York City.

The New York City economy has consistently created new jobs over the course of the current cycle, creating robust demand for apartments. During th

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