Carmel Partners Sells Manhattan Community for $128M
The new owners will rebrand the Upper East Side property.
The Cole. Image courtesy of Stonehenge NYC
A joint venture has acquired an Upper East Side community that was built in 2002 with plans to upgrade the units and amenities.
The joint venture between Stonehenge NYC and Stockbridge Capital Group acquired The Cole for $128.2 million from Carmel Partners. Stonehenge sourced, underwrote and led the due diligence for the acquisition, while Hodges Ward Elliott’s Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan arranged the sale. The property last changed hands when Carmel Partners acquired it from Coral Realty for $95 million in September 2012, according to Yardi Matrix data.
The new ownership is planning to rebrand the Manhattan community as The Cole by Stonehenge, which will also now be managed by Stonehenge NYC. The 164,000-square-foot building is one very few 2000s vintage assets to trade in recent years, Ofer Yardeni, chairman & CEO of Stonehenge NYC, said in prepared remarks.
The 22-story community has a total of 163 units in studio and one- to three-bedroom floorplans. The units were built with private balconies, but residents also have access to the community’s resident lounge, package room, courtyard, billiards room, fitness center, laundry facilities on each floor, outdoor barbecue grills and parking. Located at 354 E. 91st St., The Cole at Stonehenge is a few blocks away from the 4, 5, 6 and Q subway lines and near many of the area’s popular museums like the Guggenheim Museum and the Metropolitan Museum of Art. According to Yardi Matrix data, the community is 96.3 percent occupied.
Growing Manhattan portfolios
Mark Carlson, managing director at Stockbridge, said in prepared remarks that the company made a strategic decision in 2021 to look for acquisitions in Manhattan. Prior to that, Stockbridge was very active in the San Francisco area, where it worked on a 262-unit community on the man-made Treasure Island and a partially-affordable 420-unit community.
As for Stonehenge NYC, the Cole by Stonehenge will be the company’s 25th building in its portfolio that focuses on New York City. The latest Upper East Side acquisition comes two years after Stonehenge NYC, alongside A-Rod Corp. and Modlin Group, acquired a 114-unit apartment building in Manhattan’s Midtown East submarket for $66.2 million.
