GreenOak JV buys Manhattan apartments for $390m
A joint venture between Slate Property Group and GreenOak Real Estate is under contract to acquire RiverTower at Sutton Place in New York City for $390 million. Equity Residential was the seller, which acquired the apartment property in 2010 for $181.5 million.
Located at 420 E. 54th St., the 311-unit apartment building is one of the neighborhood’s largest rental properties.
The Sutton Place neighborhood is home to a diverse demographic, and many famous figures and international dignitaries call it home, especially given its close proximity to the United Nations. RiverTower is located one block from the East River and minutes from Midtown.
Investors have been pouring capital into the Manhattan apartment sector. Since 2012, each quarter has averaged more than $2.3 billion in completed deals, according to Real Capital Analytics.
Thus far this quarter, 25 apartment complexes in Manhattan have been sold for a total of $7.18 billion, exceedi