A&E Real Estate Buys Manhattan Apartments for $415M

160 Riverside Blvd. Image courtesy of CBRE Apartment investor A&E Real Estate has acquired 160…

160 Riverside Blvd. Image courtesy of CBRE

Apartment investor A&E Real Estate has acquired 160 Riverside Blvd., an apartment community on Manhattan’s Upper West Side, for $415 million. The seller was Equity Residential. The transaction comes just three months after the company’s acquisition in April of a sister asset, 140 Riverside Blvd., for $266 million. A CBRE team headed by Darcy Stacom, chairman of NYC Capital Markets, arranged the sale. CBRE also arranged the April transaction.

Located between West 67th and West 68th Streets overlooking the Hudson River, 160 Riverside Blvd. features 455 luxury apartments. The property was completed in 1999, and the occupancy level stood at 97.1 percent at time of sale. The steel frame apartment building sits on a parcel measuring just more than an acre in size.

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“With a purchase price exceeding $400 million, the transaction required a large equity check and a significant amount of debt financing during a period of volatility in the capital markets,” Ryan Silber, vice president on the NYC Capital Markets team, told Multi-Housing News. He added that in shepherding the transaction, CBRE highlighted the location’s urban-“suburban” dynamic. “(It is) located both waterfront and park front with direct access to the Hudson River Park system and micro-transportation commutability via the Hudson River Greenway,” Silber said.

In addition, CBRE emphasized the quality and rarity of the real estate and demonstrated the strength of the market, providing extensive market research to give evidence of strong market fundamentals to drive underwriting.

In addition to apartments, 160 Riverside Blvd. includes 3,957 square feet of office space, as well as more than 17,050 square feet of retail space.

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The unit mix features studio, one-, two and three-bedroom apartment homes and a limited number of penthouse residences. Apartments feature above-standard ceiling heights, hardwood floors, high-speed Internet access and microwave ovens. Select units feature private balconies or patios. A fitness center is among the common-area amenity package.

In addition to its adjacency to scenic Riverside Park and Hudson River, the property offers proximity to the 1, 2 and 3 subway lines, which provide convenient access both Uptown and Downtown. Restaurants and grocery shopping are found within the building. The enclave is highly walkable and in addition is an education hub, with both Fordham University and The Julliard School set within its borders.

Theaters, performing arts centers, museums and music halls that include the Metropolitan Opera House are all within steps of the newly-acquired property. Three months ago, CBRE identified strong recovery in the senior housing sector.