Stockbridge Capital, Stonehenge pay $128.2M to Carmel Partners for 163-unit elevator building in Yorkville
Stockbridge Capital Group and Stonehenge NYC through the entity 354 East 91 Owner, LLC paid $128.2 million to Carmel Partners through the entity Cp III Electra, LLC for the 163-unit residential elevator building at 354 East 91st Street in Yorkville, Manhattan.
To finance the purchase, Stockbridge Capital Group and Stonehenge NYC through the entity 354 East 91 Owner, LLC as borrower signed an acquisition loan with lender Smart Markets Fund REIT through the entity Smart Markets Fund REIT Trust valued at $61.4 million. The REIT is an affiliate of Stockbridge.
The deal closed on February 1, 2022 and was recorded on February 7, 2022.
The property has 164,384 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $779 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.)
The seller bought the property on August 23, 2012, for $95 million.
The signatory for Carmel Partners was Matthew Golden. The signatory for Stockbridge Capital Group and Stonehenge NYC was Mark Carlson.
Prior to this transaction, the buyer Stockbridge Capital Group had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Carmel Partners purchased four properties in one transactions for a total of $73.5 million and sold three properties in one transactions for a total of $115 million over the same time period.
The 164,384-square-foot property generated revenue of $8.4 million or $51 per square foot, according to the most recent income and expense figures.
(122562155)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 163 residential units on April 11, 2019.
This is the rental building the Cole. Matthew Golden is general counsel with Carmel Partners. Stockbridge Capital is based in San Francisco, as is Carmel Partners. Carlson is a managing director and head of acquisitions at Stockbridge. The brokers were Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott.
In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 49 percent of the 614,505 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 48 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Andy Sands, head officer and Andrea Chowdhury, agent. The business entities are Grep Atlantic Llc and Cp III Electra Llc.
Within a 400-foot radius of 354 East 91st Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit application filed on June 25, 2021 for a 103,412-square-foot S-1 building at 424 East 90th Street.
Of those 10 items, four were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.9 million, one permit with a total initial cost of $400,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $1 million. The most recent of these four items was the filing on December 21, 2020 for a 16,302-square-foot R-1 building with 21 residential units at 419 East 91st Street.
One of those 10 items was a sale which Stahl Real Estate bought the 21,640-square-foot, 42-unit rental (C7) on 1771 1st Avenue for $22.8 million from Elie Hirschfeld Properties on May 20, 2021.
Of those 10 items, four were loans above $5 million totaling $48.4 million. The most recent of the four was Hirschfeld Properties which borrowed $9.4 million from Wells Fargo secured by the 21,640-square-foot, 42-unit rental (C7) on 1771 1st Avenue on January 18, 2022.
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