210 and 220 East 22nd Street, Gramercy Park Neighborhood, Manhattan, NY |
Andrew Scandalios |
NEW YORK, NY – Holliday
Fenoglio Fowler, L.P. (HFF) announced 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.
Jeff Julien |
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.
For a complete copy of the company’s news
release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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