NEW YORK CITY — Englewood, Colo.-based Archstone has purchased the 209-unit Eastbridge Landing, an apartment high-rise located at 377 E. 33rd St. in the Manhattan’s Kips Bay neighborhood, for $131 million. The sellers were Madison International Realty and RFR Holding. The building will be renamed Archstone Kips Bay.
“Kips Bay and Murray Hill are among the most sought after neighborhoods in one of the most vibrant cities in America,” said Charles Mueller Jr., COO of Archstone, in a statement. “Our talented operations team is looking forward to adding even more value to the incredible location through our commitment to providing best-in-class customer service.”
The building contains one-, two-, three- and four-bedroom apartments with large windows, city views, wood flooring, European cabinetry and granite countertops. Some units include washers and dryers, fireplaces and/or terraces. Amenities include a media room with a kitchen and a fully equipped fitness center.
“We are extremely excited about being back in the business of acquiring incredible apartment communities in the best neighborhoods in the country,” said R. Scot Sellers, CEO of Archstone, in a statement. “Archstone Kips Bay will increase our presence in New York, one of our core markets, to 14 apartment communities.”
Archstone focuses on acquisitions in Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. As of Sept. 30, 2011, the company had an ownership position in 428 multifamily communities in the United States and Europe, totaling 73,955 units including units under construction.
On December 6, Chicago-based Equity Residential entered into an agreement to acquire a 26.5 percent ownership interest in Archstone for $1.32 billion. See the full story here.
David Karson, Helen Hwang, Nat Rockett, Kate Pelet, Mark Ehlinger and Michael Henry of Cushman & Wakefield Sonnenblick Goldman’s New York City office represented the seller in the transaction.
— Savannah Duncan