Thiis is our third acquisition in this very dynamic neighborhood that has already attracted industry giants like Google which makes the area one of Manhattan’s most coveted neighborhoods
New York, NY (PRWEB) February 28, 2012
Stonehenge Partners is pleased to announce that, along with its Stonehenge Fund III partners, Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec, and another important Canadian institutional investor, it has closed on the recent acquisition of 364 West 18th Street, a prime Chelsea/West Side mixed-use property which contains an impressive 100 feet of frontage along the 9th Avenue retail corridor. Located just steps from the trendy Maritime Hotel, Google’s New York City headquarters, the chic Meatpacking District, the Highline and Chelsea Market, this asset represents a rare opportunity to acquire a building with below market apartment rents in one of the most sought after rental neighborhoods in New York City.
The property is a 57,000 square foot, six-story elevator apartment building located on Ninth Avenue at the south-east corner of 18th Street. Built in 1939, the building contains 64 spacious residential units and approximately 5,500 square feet of prime retail space. As part of the business plan, Stonehenge will completely reposition the retail ground floor as well as implement an intensive building-wide capital improvements program which will include apartment renovations, lobby improvements and amenity spaces. This is the sixth acquisition by Stonehenge Fund III since 2007.
Ofer Yardeni, Co-Managing Partner of Stonehenge stated: “The business plan for this latest investment is in line with Stonehenge’s tested and proven strategy of creating value for our investors. Along with 555 Sixth Avenue and 108 West 15th Street, this is our third acquisition in this very dynamic neighborhood that has already attracted industry giants like Google which makes the area one of Manhattan’s most coveted neighborhoods.’’
Joel Seiden, Co-Managing Partner of Stonehenge quoted: “We are very excited by this latest acquisition for our Fund. We are equally excited by the outlook for the future of our Company as we expect the market will continue to provide interesting investment opportunities going forward.”
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, 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
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the world. Through its multiple subsidiaries, it holds assets in 24 countries valued at over CAD$30 billion as of December 31, 2010. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (http://www.lacaisse.com), one of Canada's leading institutional fund managers. Ivanhoé Cambridge’s residential portfolio invests in multi-residential rental buildings in large urban centres in Canada, the United States and Europe. For more information, visit http://www.ivanhoecambridge.com.