Investors - JUNE 2, 2014

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Two NYC properties valued at $645m change hands

by Andrea Waitrovich

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 sp

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