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Report: Equity Residential sells NYC property for $85M

Apartment landlord Equity Residential sold a property in the Yorkville neighborhood on Manhattan, N.Y.'s Upper East Side, for more than $85 million, The Real Deal reported, citing broker Marcus & Millichap and unnamed sources.

The 13-story, 155-unit market-rate rental building was acquired by Hampshire Properties at a cap rate of 3.18%.

Equity Residential acquired the building for $62 million in 2006, the March 26 report noted. Before its previous sale, the 1961-built property was known as London House.