Slate and GreenOak Move into NYC’s Sutton Place

A joint venture of Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place for $390 million.
RiverTower at Sutton Place

RiverTower at Sutton Place

New YorkSlate Property Group, in a joint venture, has teamed up with GreenOak Real Estate to acquire RiverTower at Sutton Place. The partners announced they were in contract to buy the building for $390 million. Originally developed by Harry Macklowe in 1982, the building was purchased by Equity Residential in 2010. Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller in this transaction.

RiverTower is located at 420 East 54th St. in the upscale Sutton Place neighborhood. The 38-story, 311-unit building is one of the largest rental properties in the area.

“RiverTower is a one-of-a-kind property that can rarely be purchased in Manhattan,” Martin Nussbaum, principal of Slate Property Group, told MHN.

The tower has exceptional views of the East River and the NYC skyline, and features dual street entrances, a rare porte-cochere driveway and an onsite 182-car parking garage. The community offers one-, two- and three-plus bedroom apartments with amenities such as a 28,000-square-foot landscaped plaza, bicycle room and fitness center. The partners intend to make RiverTower the premier, full service rental property in the neighborhood through extensive building renovations and unit upgrades.

Sutton Place is home to not only a diverse demographic, but also to many famous figures and international dignitaries because of its close proximity to the United Nations. Located one block from the East River, minutes away from Midtown and destination shopping, restaurants and nightlife, the tower’s location has been hailed as convenient. With the E and 6 subway lines and access to FDR Drive nearby, there’s not much the RiverTower won’t have to offer once the renovations are completed.

Photo courtesy of Equity Residential.