Slate Property Group, GreenOak Real Estate to Acquire RiverTower in Manhattan for $390M

by Katie Sloan

NEW YORK CITY — A joint venture of Slate Property Group and GreenOak Real Estate is in contract to acquire RiverTower at Sutton Place, a 38-story multifamily complex located at 420 E. 54th St. in Manhattan’s Sutton Place neighborhood. The purchase price is $390 million.

The building is comprised of 311 one-, two- and three-bedroom units. Building amenities include a bicycle room, porte-cochere driveway, 182-car below grade parking garage, a 28,000-square-foot landscaped plaza, dual street entrances and a fitness center.

Originally developed by Harry Macklowe in 1982, the property was purchased by Equity Residential in 2010. Slate and GreenOak plan to implement a comprehensive building renovation and unit upgrades throughout.

RiverTower is located in close proximity to both the United Nations and the East River. Nearby public transportation includes the “E” and “6” subway lines, and easy access to FDR Drive.

Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller, Equity Residential, in the transaction.

Slate Property Group is an owner, operator and developer of residential and commercial real estate in the New York metropolitan area. During the last six years, principals of Slate Property Group have purchased in excess of $1.5 billion in real estate assets.

GreenOak Real Estate is a privately owned real estate investment manager with offices in New York, Los Angeles, London, Seoul, Madrid and Tokyo. Since its formation in 2010, GreenOak has raised over $3.4 billion worth of equity globally and acquired 100 properties totaling in excess of 12 million square feet.

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