Two NYC properties valued at $645m change hands
An office asset and an apartment property in Manhattan have sold for an approximate total property value of $645 million.
Ashkenazy Acquisition Corp. has entered the New York City residential sector with the purchase of Avalon Chrystie Place at 229 Chrystie St. for approximately $400 million, or $1.12 million per unit, from AvalonBay Communities and JP Morgan Asset Management, on behalf of the New York State Common Retirement Fund. HFF represented the seller. The deal marks the developer’s first venture into residential real estate in the city.
The apartment complex has 14 stories with 361 units and is 94 percent occupied. The street level is retail space, totaling 72,329 square feet, occupied by Whole Foods and Subway. Developed on 1.33 acres, the tower building is one of the highest in the area and has views to downtown. It includes a fitness center and roof deck as well as a billiards room and other amenities, including the use of a pool.
The sellers acquired the development site in 2005 from the city of New York. The sales price was approximately $14 million.
On the other side of the island, Principal Real Estate Investors acquired a 49 percent partial interest in 77 Water St., a 600,000-square-foot office property, from Travelers Insurance. CBRE represented the seller.
The investment is rumored to be based on a property value of approximately $245 million, or $408 per square foot. The sellers retained an interest; the William Kaufman Organization owns 50 percent, while Travelers Cos. retained a 1 percent interest.
Built in 1970 by the William Kaufman Organization, 77 Water St. is a 26-story office tower that sits at the center of New York City’s Financial District. It is known for its mix of historic objects and public amenities. The building is also known for an unusual trademark World War I replica fighter plane positioned on the rooftop. The building is 100 percent occupied. Major tenants include Goldman Sachs, AT&T, Aurp, Lewis Brisbols Bisgaard & Smith Llp and OneBeacon Energy.
