NEW YORK--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has brokered the sale of 210 and 220 East 22nd Street, two adjacent mid-rise apartment buildings totaling 208 units in Manhattan’s Gramercy Park neighborhood.
HFF marketed the properties on behalf of the seller, a joint venture between Broad Street Development and Crow Holdings Capital – Real Estate. Stone Street Properties, LLC purchased both properties for $123 million and assumed the existing mortgage.
210 and 220 East 22nd Street are situated between Second and Third Avenues, two blocks from the 23rd Street subway station and within half of a mile of Gramercy Park, Union Square and Madison Square Park. The properties are proximate to the First Avenue medical corridor and the Midtown South office market, as well as numerous retail, dining and entertainment options. Renovated most recently in 2014, the properties are collectively 99 percent leased and have studio, one-, two- and three-bedroom units averaging 519 square feet each. Some of the recent renovations include the lobbies, common areas and tenant outdoor space. Both buildings have elevator-access and laundry facilities on each floor.
The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors Jeff Julien and Rob Hinckley.
“Given the location and recent renovations executed by the seller, 210 and 220 East 22nd Street is perfectly positioned as a long-term rental hold. The buyer recognized not only the superb location within this trendy and amenity-rich neighborhood, but also saw additional upside in the asset from continued capital investments,” commented Scandalios.
About Broad Street Development
Broad Street Development (BSD) is the culmination of more than 15 years of experience in developing, managing and leasing commercial properties and residential condo conversion projects throughout North America. A relationship-driven real estate company, BSD’s success has been in acquiring and repositioning real estate assets in order to provide the highest levels of service and quality to its tenants.
About Crow Holdings Capital – Real Estate
Crow Holdings Capital – Real Estate (CHC-RE) is the investment manager to a series of real estate private equity funds designed to generate current income and benefit from the capital appreciation of portfolio investments. The six funds have had total equity commitments from partners of approximately $4.1 billion, approximately $675 million of which was committed by Crow Family Holdings.
About Stone Street Properties, LLC
Stone Street Properties, LLC (SSP) is a full service real estate investment and management company focused on multifamily assets in core Manhattan locations. Founded in 2010, the firm is led by Jeffrey Kaye and seeks to add value though comprehensive repositioning of these assets. SSP strives to deliver first-class service and attention to its tenants.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.