A&E affiliate pays $62M to SL Green, Stonehenge for 126-unit rental in Midtown East

An affiliate of A&E Real Estate Holdings through the entity 400 East 58th Street, LLC paid SL Green Realty and Stonehenge Management’s 400 E58 Owner LLC $62 million for 400 East 58th Street in Midtown East. The deal closed on September 9, 2020, and was recorded on September 15, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 126 residential units. The property is 140,000 square feet. The parcel(s) have total development potential of 140,000 square feet.
The sale price per unit is $492,063.
The building according to the Commercial Observer citing marketing material from Ackman-Ziff Real Estate, which brokered the sale for the sellers, had 68 market-rate units, 57 rent-regulated and one super’s unit.

The contract date was June 26, 2020. A&E Real Estate, headed by Douglas Eisenberg, owns approximately 11,000 residential units in New York City. The bulk of the firm’s holdings are workforce housing. This is a more expensive building for renters, with five current listings averaging of $3,860 per month, according to StreetEasy.  SL Green and Stonehenge bought the building as part of a $416 million portfolio in 2012 from David Frankel. The Acris transfer for this building was $20.35 million.

Over the past five years, there have been 42 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 41 renovation/alteration projects (A2) applied for with a total estimated value of $2,212,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Darryl E. Smith