A joint venture of Slate Property Group and GreenOak Real Estate are in contract to acquire RiverTower at Sutton Place for $390 million.
Located at 420 East 54th Street in New York’s Sutton Place neighborhood, the 38-story, 311-unit rental building property was an opportunity for the partners to purchase one of the neighborhood’s largest rental properties and capture the strong demand and rental growth within this prominent submarket.
RiverTower is situated on a through-block site between East 53rd and East 54th Streets and has views of the East River and city skyline. It has a dual street entrances, a porte-cochere driveway and below grade parking garage.
Originally developed by Harry Macklowe in 1982 and purchased by Sam Zell’s Equity Residential in 2010, RiverTower offers one-, two- and three-plus apartments with building amenities including a bicycle room, a 28,000 s/f landscaped plaza, an onsite 182-car parking garage, and a fitness center.
Slate and GreenOak intend to reposition River Tower as the premier, full-service rental property in the Sutton Place neighborhood through a comprehensive building renovation and unit upgrades.
Darcy Stacom and William Shanahan of CB Richard Ellis represented Equity Residential in the sale.