Stellar JV buys Manhattan apartment assets
Stellar Management and its partner Chetrit Group have purchased two apartment properties in Manhattan from Schneider & Schneider. The sales price is estimated to be $500 million.
The higher priced property in the portfolio was the 703,000-square-foot Yorkshire Towers at 305–315 E. 86th St. in the Upper East Side. The 707-unit, 21-story apartment complex sold for $410.6 million, or $580,719 per unit. The mid/high-rise complex was 100 percent occupied. There is 30,000 square feet of street retail space.
The second asset was the 149-unit Lexington Towers, which totals 142,546 square feet at 160 E. 88th St. in the Upper East Side. The sales price was approximately $89.4 million, or $600, 207 per unit. It is 100 percent occupied.