Manhattan Community Trades for $61M

The 117-unit apartment building is situated in the Gramercy Park neighborhood, while residents benefit from easy access to multiple public transportation options.
321 E. 22nd St., New York City
321 E. 22nd St., New York City

Benedict Realty Group had disposed of a 117-unit multifamily community located in Manhattan’s Gramercy Park neighborhood. The buyer was Swedish real estate group Akelius, which paid $60.9 million for the property.

Built in 1968, the six-story asset is located at 321 E. 22nd St. and comprises 117 studio and one-bedroom units. The property features 2,800 square feet of retail space fully occupied by Synergy Fitness. Amenities include laundry service and new building entrance systems. It is situated in close proximity to multiple train, subway and bus stations. It is also bounded by retailers, eateries, cafes, a food market, fitness centers, hotels and green spaces such as Gramercy Park and Madison Square Park.

HFF Managing Directors Jeff Julien and Rob Hinckley and Senior Managing Director Andrew Scandalios brokered the transaction on behalf of the seller. The property previously traded in 2012 for $31 million, Yardi Matrix data shows.

Image courtesy of Yardi Matrix