News
$85M GRAMERCY PARK BUY
April 18, 2012
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| This tech boom is guiding investors, too. Broad Street Development and Crow Holdings just snapped up a two-building, 208-unit residential portfolio at 210 and 220 E 22nd St in Gramercy Park from GID Investment Advisors for $85M. BSD principal Ray Chalmé told us yesterday (his birthday... wonder how long it took to wrap the buildings?) that the JV plans a $2M renovation for the properties, which includes improvements to the Juliet windows, rooftops, hallways, and lobbies. Its aim: attract new tech employees who are moving to the area, which is a quick walk to the Flatiron District and just a ride away from the Midtown South tech hub. This means the building will also have tech-savvy amenities, like the ability to pay rent online. (No wall-size computers or robot concierges... yet.) The studio and one-bedroom units, currently 97% occupied, have 24 different configurations and loft space, while some have 14-foot ceilings. |
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| Gramercy Park is in one of the most sought-after rental areas, and even vintage non-tower assets, like the ones BSD and Crow Holdings purchased, are pulling in as much as $70/SF in rents, says HFF senior managing director Andrew Scandalios, who along with Jose Cruz, Jeffrey Julien, and Kevin O’Hearn repped GID (HFF’s Mike Tepedino and Michael Gigliotti arranged the financing). The buildings were part of a three-building portfolio, with the third building—the 117-unit 321 E 22nd St—going to Benedict Realty Group earlier this month. Over 180 investors registered for the sale and 30 tours were given, Andrew tells us, ultimately resulting in 15 bids for the two buildings. |
