Related Cos. Sells Manhattan Luxury Tower for $211M
- Nov 23, 2020
MKF Realty LLC has acquired One Union Square South, a 239-unit, luxury rental building in Manhattan, for $211 million from Related Cos. The new owner selected Related Management Co. to manage the property.
The apartment community offers studio, one- and two-bedroom apartments. Residences feature stainless steel appliances. An expansive outdoor rooftop lawn is among amenities. One Union Square South was constructed in 1998 by Related. The building was designed by architect Davis Brody Bond. Interiors are by the Rockwell Group. The facade offers a public art wall featuring the mixed-media Metronome by Andrew Ginzel and Kristin Jones, which at the time was one of the largest private commission of public art in city history.
The development of the building was among the critical elements underpinning the Union Square neighborhood’s revitalization more than two decades ago. That neighborhood is now a vibrant center of culture, shopping and dining. The luxury residences are above a five-story retail block including Regal Cinemas, Nordstrom Rack and other prime retailers.
Union Square is also the location of New York City’s most venerable Greenmarket, as well as historic Union Square Park. It is conveniently accessible by public transportation, including the N, Q, R, W, L, 4, 5, and 6 Subway Lines at New York City’s third largest transportation node, the Union Square-14th Street subway station. Also within a short walk of the building is the PATH train at 6th Ave. Seven bus lines, among them the M1, M2, M3, M7, M9 and M14 busway, serve the Union Square neighborhood.
The transaction went into contract in May. Doug Hamon of Cushman & Wakefield advised Related on the sale. Helen Hwang and Rael Gervis of Meridian Capital Group represented MKF. Financing for the property’s acquisition was provided by Wells Fargo on behalf of Fannie Mae. Several days ago, Cushman & Wakefield represented the seller in the $68 million sale of a suburban Atlanta multifamily community.