Rosewood Realty Group announced the $287 million sale of a 420-unit, three-building Upper West Side rental complex known as Stonehenge Village – more than $100 million above its previously reported price. The closing equates to about $683,000 per door.
Aaron Jungreis of Rosewood Realty represented both the buyer, A & E Real Estate Holdings, a midtown-based multi-family investment firm and the seller, Ofer Yardeni’s Stonehenge Partners who have owned he complex since 2005 in partnership with SL Green Realty and Ivanhoe Cambridge, when it paid $115 million.
To help close the deal, A& E secured new debt- north of $145 million in fixed-rate acquisition financing from Signature Bank and Mesa West Capital, according to sources.
The buildings, built in 1968, total 69,605 square feet. The package sold for 18.9 times the annual rent roll at a 3.4 percent cap rate.
According to Jungreis, A & E is planning a long-term hold on the complex. The properties are 98 percent occupied, with a mix of free-market and rent-stabilized tenants. The complex has frontage on West 96th and 97th Streets and Amsterdam Avenue in the Upper West Side’s Manhattan Valley neighborhood.
“The property has below market rents and is located near all shopping, universities and excellent transportation,” added Jungreis. “ Also the close proximity to the parks gives the buildings a strong attraction for tenants who enjoy the outdoors.”