Greystar Real Estate Partners has agreed to pay $240 million for the apartment property at 800 Sixth Ave. in Manhattan, according to The New York Post.
The seller of the 36-story luxury residential tower was Equity Residential, which has plans to reduce its holdings “in a rental market that’s softening.”
The median sales price of units sold in Manhattan fell nearly 6 percent from the same period last year to $999,000 from October to December, according to a report from listing broker Douglas Elliman Real Estate, the lowest since 2015. The number of total sales fell for a fifth consecutive quarter.
The outer boroughs overtook apartment sales volume in Manhattan during second quarter 2018, according to RCA, with approximately $1.7 billion of apartment sales in the outer boroughs from April through June, compared with about $739 million in Manhattan. This was the largest gap between outer borough sales and Manhattan sales since at least the start of 2013, with the outer boroughs outpacing Manhattan by about $976 million.
Real Capital Analytics concluded, one of the main reasons for the gap between Manhattan and the outer boroughs in the second quarter was the sale of Starrett City in Brooklyn, valued at $905 million.
