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Report: Greystar in $240M contract for Equity Residential's NYC property


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Report: Greystar in $240M contract for Equity Residential's NYC property

Equity Residential is in contract to sell the Archstone Chelsea apartment building at 800 Sixth Ave. in Manhattan, N.Y., to Greystar for $240 million, the New York Post reported.

Multifamily landlord Equity Residential acquired the property in 2013 as part of a $16 billion joint acquisition of the Archstone-Smith portfolio from Lehman Bros. alongside AvalonBay Communities Inc., according to the publication.

The 266-unit property was developed in 2003 by Adelco. It was bought by Lehman as part of its $23.7 billion Archstone buy in 2007 that led to its collapse, the Jan. 15 report noted.

The property has 62 rent-stabilized units, a roof deck and a fitness center, according to the report.

Equity Residential was reported to be looking to sell the asset in September 2018 when it closed the $416 million sale of another apartment building in Manhattan.

Cushman & Wakefield, which marketed the property, declined to comment, and representatives for Equity Residential and Greystar did not immediately reply, according to the publication.