Brookfield Asset Management to Buy Manhattan Tower for $447M

2 min read

The 36-story property, dubbed The Olivia, was sold along with an adjacent land parcel.

The Olivia

An affiliate of Brookfield Asset Management has entered into an agreement with SL Green to acquire The Olivia, a 493,000-square-foot mixed-use building on Manhattan’s West Side, as well as an adjacent land parcel, for $446.5 million. The deal is part of SL Green’s strategy to divest non-core assets and redeploy the capital into its ongoing stock repurchase program.

READ ALSO: Brookfield Asset Management JV Sells NYC Portfolio for $1.2B

David Schonbraun, SL Green’s co-chief investment officer, said in a prepared statement the deal demonstrates the continued strong demand for high-quality Manhattan assets. CBRE’s Darcy Stacom represented SL Green in the transaction, which is expected to close in the second quarter.

SL Green acquired the property in November 2013 from Stonehenge Partners for approximately $387 million, according to Yardi Matrix data. Built in 2000, Stonehenge Partners purchased the building in April 2005 from M.D. Carlisle Realty for $236 million, Yardi Matrix reported.

Building details 

Located at 315 W. 33rd St. in Chelsea, the 36-story building has 333 residential units with more than 96 percent occupancy. The multifamily portion of the asset has studio, one- and two-bedroom floorplans. Rents range from $3,259 for a studio to $6,785 for a two-bedroom, two-bathroom unit with an average rent of $4,392, according to Yardi Matrix data.

Community amenities include a fitness center, rooftop lounge, community room, children’s playroom and laundry facilities. Washer/dryers are available in two-bedroom units and private balconies or patios are available in select units.

The asset also has 270,132 square feet of commercial space, which is 100 percent occupied by tenants including AMC Theater, Music Choice and Landmark Education. Landmark, an international training and development company and original tenant of the building, signed a 15-plus-year lease in December 2016 for 48,713 square feet.

Toronto-based Brookfield Asset Management, the alternative asset management giant, has become one of the largest apartment owners and managers in the U.S., purchasing billions of dollars in assets since 2018, when it closed on a $1 billion multifamily value-add fund with Fairfield Residential. As of last month, the company had ownership stakes in at least 58,000 apartments across 40 U.S. markets, including New York City.

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