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Transactions - JUNE 30, 2014

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Manhattan apartment complexes sell for $500m

by Andrea Waitrovich

Joint venture partners Stellar Management and Chetrit Group have paid $500 million for two midrise and high-rise apartments. The seller was Schneider & Schneider.

The largest property was the Yorkshire Towers apartment complex in Manhattan. The 29-story, 770-unit complex sold for $411 million.

The second-largest asset is the Lexington Towers, a 154-unit building located less than a mile from Yorkshire Towers at 160 E. 88th St. The sales price was $89.4 million.

Stellar Management has been actively buying apartments in New York City. Earlier in the year, the firm purchased the 36-unit complex at 571 W. 139thSt. for $12.1 million, the 44-unit property at 3351–3359 Broadway for $14.5 million, the 45-unit complex at 4191–4199 Broadway for $19.1 million and the 12-unit asset at 454 W. 58th St. for $5.6 million. 

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