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Transactions - DECEMBER 6, 2022

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Three generational NYC multi-housing properties trade for $825m

by Andrea Zander

Solow Building Co. has sold three New York City Upper East Side multi-housing properties totaling 858 units, including One Sutton Place, Two Sutton Place and One East River Place, that are part of a larger five-property portfolio.

An equity syndication by GO Partners acquired the assets for $825 million.

The assets are the 234-unit One Sutton Place at 420 E. 61st St.; the 209-unit Two Sutton Place at 1113 York Ave., which includes 2,000 square feet of commercial space; and the 415-unit One East River Place at 525 E. 72nd St., which includes 27,275 square feet of commercial space.

The three properties offer spacious units with an average size of 989 square feet, allowing ample room for families wanting proximity to the Upper East Side’s prestigious schools, as well as young professionals conducting hybrid work-from-home lifestyles. Additionally, the portfolio offers some of the few black glass façade residential buildings within Manhattan.

 

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