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| The Montrose, Murray Hill Neighborhood, 308 East 38th Street, Manhattan, NY |
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| Andrew Scandalios |
NEW YORK, NY – HFF announced it has closed the sale of and
arranged financing for The Montrose, a 97-unit, luxury, boutique
multi-housing building in the Murray Hill neighborhood of Manhattan.
HFF marketed the property on behalf of the seller. Gaia Real Estate Investments, LLC purchased
the asset for an undisclosed amount.
Additionally, HFF arranged acquisition financing for the buyer.
The Montrose is located at 308 East 38th Street between 1st
and 2nd Avenues in Murray Hill, six blocks from Midtown Manhattan and Grand
Central Terminal and four blocks from the United Nations building.
Twenty percent of Zagat’s top 50 restaurants
in New York City are walking distance from the property.
Built in 2001, the 22-story building is 100 percent leased
and features a 24-hour attendant, lobby with slate floors and an indoor
waterfall, rooftop sundeck with views of the Manhattan skyline and East River,
a modern fitness center and fully-equipped tenant lounge with billiards and
flat screen TV.
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| Jeffrey Julien |
The HFF investment sales team representing the seller was
led by senior managing directors Andrew Scandalios, Eric Anton
and Jose Cruz, managing director Jeffrey Julien and director Rob
Hinckley.
The
HFF debt placement team was represented by managing director Steven Klein
and associate director Christopher Peck.
“There is a lack of moderately-priced condominiums in
Manhattan,” Scandalios said. “The
Montrose represents the ideal product and location for this moderate price
range serving end-users that will enjoy the proximity to the Midtown CBD,
nearby hospitals, Grand Central and the United Nations.
"Additionally, HFF was able to structure a
capital stack that is both accretive and flexible for the buyer.”
Gaia Real Estate is a full-service real estate investment
company with integrated in-house property and asset management
capabilities.
Gaia has under management
a portfolio of $1.7 billion in real estate assets, including 15,181 residential
apartments and 600,000 square feet of office space located throughout the
United States.
Gaia invests in a range
of real estate opportunities on behalf of, and alongside, leading global
insurance companies, pension funds, private equity funds, foundations and
high-net worth-individuals. For more
information, visit www.gaiare.com.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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