Equity Residential Sells RiverTower at Sutton Place for $390M
- Feb 09, 2016
New York—A joint venture of Slate Property Group and GreenOak Real Estate closed on the acquisition of RiverTower at Sutton Place for $390 million from Equity Residential, as part of that company’s recent sell off of assets. Located at 420 East 54th St. in York’s Sutton Place neighborhood, the property rises 38 stores and includes 311 apartment units.
RiverTower is between East 53rd and East 54th streets and has views of the East River and the NYC skyline, along with dual street entrances, a rare porte-cochere driveway and a porch where vehicles stop to discharge passengers. The property also features below-grade parking garage.
Originally developed by Harry Macklowe in 1982 and purchased by Equity Residential in 2010, RiverTower offers one-, two- and three-plus apartments. Common amenities including a bicycle room, a 28,000-square-foot landscaped plaza, and a fitness center. Slate and GreenOak intend to reposition River Tower through building renovation and unit upgrades.
Equity Residential has been selling many of its assets recently. Late in January, for example, the company closed on its sale of a 23,000-unit residential portfolio to Starwood Capital Group for nearly $5.4 billion. The portfolio in that sale included 72 properties, mostly low- and mid-rise rental buildings in suburban markets around Denver, Seattle, South Florida and Southern California, and Washington, D.C.
Though that was a large sale, Equity Residential’s portfolio was still massive after the deal: 318 properties consisting of more than 85,900 units nationwide. The company said it plans to sell another 26 properties in 2016.