This is a milestone transaction for our Company because of the new business relationship we have now formed with SL Green
(PRWEB) February 01, 2012
Stonehenge Partners is proud to confirm that it has acquired seven (7) multifamily and retail properties in partnership with SL Green Realty Corp. Stonehenge will reposition and manage the residential portion of the portfolio on behalf of the newly formed Partnership which includes a total of 402 rental units as well as prime retail located in the coveted Midtown and Upper East Side submarkets. The partnership plans to significantly upgrade a selection of units and building amenities in an effort to maximize value. SL Green will manage the commercial properties
The portfolio includes:
•400 East 57th Street, a 290,000 square foot building with 19 stories containing 260 residential apartment units located on one full city block off 57th Street and First Avenue with 16,600 square feet of retail at street level;
•400 East 58th Street, also located along First Avenue. The building is 17 stories comprising 140,000 square feet including 125 multifamily units and 3,250 square feet of ground floor retail space;
•Interests in 752 Madison Avenue, a four-story retail building completely occupied by Armani;
•Interests in 19 & 21 East 65th Street, a pair of mixed-use properties adjacent to 752 Madison Avenue. The combined properties include 9,000 square feet of retail, office, and gallery space, along with 17 multifamily units;
•762 Madison Avenue, a five-story building located between 65th and 66th streets and also adjacent to 752 Madison Avenue. The asset includes 6,000 square feet of office, retail and gallery space;
•44 West 55th Street, a five-story commercial building located between Fifth and Sixth Avenues.
With this acquisition Stonehenge now owns and manages 27 properties which includes over 3,000 residential apartments, 604,191 square feet of retail and commercial space and 158,838 square feet of garage space. The total value of the portfolio is estimated at approximately $2.2 billion based on recent independent, third party appraisals by nationally recognized firms.
Ofer Yardeni, managing partner and co-founder of Stonehenge Partners, said, “This is a milestone transaction for our Company because of the new business relationship we have now formed with SL Green, the largest owner of commercial property in New York and one of the most prominent and reputable public REIT’s in the market.”
Joel Seiden, managing partner and co-founder of Stonehenge Partners, said, “We are very proud of the collaboration from each of our teams and especially grateful for the effort and dedication that everyone assigned to this deal demonstrated.”
Fried, Frank, Harris, Shriver & Jacobson LLP represented SL Green and Kirkland & Ellis LLP represented Stonehenge Partners in the transaction. Greenberg Traurig, LLP acted on behalf of the seller.
About SL Green
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2011, SL Green owned interests in 65 Manhattan properties totaling more than 38.7 million square feet. This included ownership interests in 27.0 million square feet of commercial properties and debt and preferred equity investments secured by 11.7 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet.
About Stonehenge Partners
Stonehenge Partners is a fully integrated real estate company which was founded over 18 years ago. The Company owns and manages residential apartments as well as commercial property, primarily in the borough of Manhattan in the City of New York. With 27 properties in the portfolio Stonehenge has become one of the dominant landlords in New York City. The Company employs over 55 professionals at its head office located at 888 Seventh Avenue in Manhattan, New York. For more information about Stonehenge Partners please visit http://www.stonehengenyc.com