One of the largest apartment towers in Manhattan would be purchased by Rubin Schron, Related Cos is selling one of its assets to the part owner of the Woolworth Building.
The asset to be sold is the 521 unit Monterey, located on East 96th Street. Cammeby's International Group, the investment arm of Schron, would be paying US$250 million according to people familiar with the transaction but spoke on condition of anonymity. This is the largest purchase of a multifamily building unit located in Manhattan this year according to Real Capital Analytics Inc.
More and more investors are seeking to purchase Manhattan residential properties as analyst forecast the rents would be higher than their 2006 peak this year. Many are even pre-selling condominium units, snapped up quickly, even before they are built. Real Capital has found that the apartment building sales for 2013 has reached US$9.1 billion, more than double the figures in 2012.
According to the broker of the deal, Doug Harmon, Senior Managing Director at Eastdil Secured LLC, "Manhattan, high-quality, institutional, residential, rental real estate never goes out of favor. Because of Monterey's size, spacious apartments, spectacular views and full amenity package, it priced equally well to converters as it did to the rental-building buyers."
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