NEW YORK CITY — JD Carlisle and DLJ Real Estate Capital Partners (DLJ RECP) have sold the 301-unit The Beatrice, a luxury apartment property located in New York City’s Chelsea neighborhood, to Equity Residential (NYSE: EQR) for $280 million. The property includes the top 29 floors of a 54-story, mixed-use tower located at 105 W. 29th St.
“The sale of The Beatrice is testament to our development team’s consistent ability to deliver premier properties of the highest caliber,” says Jules Demchick, chairman of JD Carlisle. “EQR recognizes the tremendous long-term value this proven property offers. New York City Class A multifamily is a highly sought after asset class delivering solid returns to institutional investors. The Beatrice is just one example of the premium quality, institutional-grade product that JD Carlisle and DLJ Real Estate Capital Partners have been successfully developing together for years.”
The remaining portion of the building includes the 292-room Eventi Hotel and a 529-space parking garage. The Beatrice includes wall-to-wall windows, ceiling heights that range from 9 to 12 feet, hardwood oak floors, Caledonia granite countertops, stainless steel appliances, Textura Coquille porcelain, deep soaking tubs and Lacava, Grohe and Kohler fixtures.
Amenities include a private residents’ lobby, landscaped plaza and an exclusive 3,700-square-foot lounge with a pool table, private seating, fireplace and terrace on the 54th floor. Also included is access to a roof-top deck, 24-hour doorman, concierge/valet, high-tech fitness center and laundry facilities.
“The Beatrice epitomizes the increasing strength of multifamily fundamentals, particularly in the New York City market,” says Andrew Rifkin, chairman and managing partner of DLJ RECP. “They’re everything that Manhattan’s most discerning renters demand and because of our team’s tireless dedication to building timeless, elegant and well-thought-out properties, that will be the case for years to come.”
Equity Residential’s stock price closed at $59.34 per share on Friday, up from $57.99 per share a year earlier.
— Savannah Duncan