Wednesday, September 30, 2015

HFF closes $123 million sale of two Class A apartment buildings in Manhattan’s Gramercy Park

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 |

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