Carmel Partners pays $241M for MetLife’s 50% stake in UWS rental complex

Carmel Partners purchased a 50 percent stake for just over $241 million in an approximately 710-unit residential complex on the Upper West Side, Manhattan, from MetLife in five separate transactions. The controlling partner, the real estate investment trust UDR, retains its 50 percent stake. The entire property is valued at just over $482 million, based on the 50 percent stake valued at $241 million.

These are the mostly market rate residential apartments in the complex. The retail has separate ownership.

In the first transaction, Carmel Partners  through the entity Cp Ix Columbus Jv Member, LLC acquired an interest from MetLife through the entity Metropolitan Life Insurance Company valued at $140 million for a 50 percent stake in 359-unit rental condo at 808 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on May 7, 2026 and was recorded on May 18, 2026. The property has 336,871 square feet of built space according to a PincusCo analysis of city data. The grossed up sale price per built square foot is $830 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
UDR bought the entire property on January 11, 2012, for $339.3 million. This is described as a “minority interest” although the doc says 50%. The Real Deal in January 2026 identified Carmel Partners as the buyer, and reported that UDR is remaining in the deal as the majority partner.

In the second, Carmel Partners through the entity Cp Ix Columbus Jv Member, LLC acquired an interest from MetLife through the entity Metropolitan Life Insurance Company valued at $43.5 million for a 50 percent stake in the 132-unit rental condo at 795 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on May 7, 2026 and was recorded on May 18, 2026. The property has 127,757 square feet of built space according to a PincusCo analysis of city data. The grossed up sale price per built square foot is $680 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In the third, Carmel Partners through the entity Cp Ix Columbus Jv Member, LLC acquired an interest from MetLife through the entity Metropolitan Life Insurance Company valued at $24 million for a 50 percent stake in the 100-unit rental condo at 801 Amsterdam Avenue in Upper West Side, Manhattan.
The deal closed on May 7, 2026 and was recorded on May 18, 2026. The property has 77,882 square feet of built space according to a PincusCo analysis of city data. The grossed up sale price per built square foot is $616 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
UDR bought the entire property on January 11, 2012, for $72.1 million.

In the fourth, Carmel Partners through the entity Cp Ix Columbus Jv Member, LLC acquired an interest from MetLife through the entity Metropolitan Life Insurance Company valued at $18.8 million for a 50 percent stake in the 63-unit rental condo at 805 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on May 7, 2026 and was recorded on May 18, 2026. The property has 65,019 square feet of built space according to a PincusCo analysis of city data. The grossed up sale price per built square foot is $576 per the PincusCo analysis.

In the fifth, Carmel Partners through the entity Cp Ix Columbus Jv Member, LLC acquired an interest from MetLife through the entity Metropolitan Life Insurance Company valued at $15 million for a 50 percent stake in the 56-unit rental condo at 775 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on May 7, 2026 and was recorded on May 18, 2026. The property has 52,525 square feet of built space according to a PincusCo analysis of city data. The grossed up sale price per built square foot is $570 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
UDR bought the entire property on January 11, 2012, for $42.6 million.

Prior sales, articles and revenue

The seller MetLife purchased one property in one transaction for a total of $30 million and sold six properties in three transactions for a total of $596.6 million over the same time period.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 977,748 square feet of the 1,893,644 square feet. The two identified owners are Stellar Management and Eastgold Properties.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 1.9 million square feet of built space are elevator buildings, with specialty buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Metlife owned at least three commercial properties with 78 residential units in New York City with 231,872 square feet and a PincusCo-determined asset value of $93.3 million. Within the portfolio, the bulk, or 62 percent of the 231,872 square feet of built space are office properties, with condo properties next occupying 18 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Carmel Partners owned at least nine commercial properties with 1,660 residential units in New York City with 14,029 square feet and a PincusCo-determined asset value of $1.2 billion. The portfolio has $908 million in debt, with top three lenders as Wells Fargo, Goldman Sachs, and Northwestern Mutual Life Insurance respectively. Within the portfolio, the bulk, or 56 percent of the 14,029 square feet of built space are mixed-use properties, with office properties next occupying 22 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Queens next at 22 percent of the space.

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