UDR Unseats LaSalle for Largest Manhattan Multifamily Trade in 2011
Tuesday, March 01, 2011
Source: Globe St
Globe St reports: Topping LaSalle Investment Management’s recent $140 million acquisition of the Sagamore as the largest Manhattan multifamily trade of the year, Denver-based UDR Inc has announced it will purchase 10 Hanover Square in the Financial District for $261 million. That would be $484,000 for each of the property's 493 units. UDR will be assuming a $192 million loan from current owner Witkoff Group to make its first entry into the New York City market. The property was originally built as an office tower, and at one time housed Goldman Sachs' headquarters.
The two recent oversized apartment trades by LaSalle and UDR come nearly one year after a bout of similar-priced trades occurred in Manhattan involving Equity Residential. According to Real Capital Analytics, Equity went on a buying spree early in 2010, taking RiverTower on East 54th Street for $182 million, 777 Sixth Avenue for $151 million, and the Longacre House on West 50th Street for $143 million. With the Manhattan market – and the apartment sector – being on seemingly every investor’s shopping list, more activity is likely in the wake of these two deals.
View the full article on Globe St: UDR Unseats LaSalle for Largest Manhattan Multifamily Trade in 2011
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Posted by: Nina Turner