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Equity Residential selling NYC apartment building for $416M

Equity Residential signed a deal to sell the 506-unit 101 West End Ave. in New York to a joint venture between Dermot Co. and Dutch pension fund PGGM for $416 million, The Real Deal reported, citing unnamed sources.

David Neithercut, president of the residential real estate investment trust, mentioned the transaction without divulging the buyers in the company's recent earnings call, according to the report. He said the divestment presents an opportunity to reduce the company's exposure to the West Side, and also decrease its properties that have expiring 421-a real estate tax benefits.

Brokers for the 630,000-square-foot apartment building, Cushman & Wakefield, could not be reached for a comment regarding the deal, which is expected to close later in the quarter ending Sept. 30, the publication reported July 26.