Stonehenge NYC JV Acquires Manhattan Building
The 55-year-old property in the Midtown East neighborhood has been rebranded as Stonehenge 51.
Allen House. Image courtesy of Stonehenge NYC
A joint venture of Stonehenge NYC, A-Rod Corp. and Modlin Group has acquired a 114-unit apartment building at 340 E. 51st St. in Manhattan for $66.2 million. Located in the highly-sought Midtown East submarket, the 14-story building formerly known as Allen House has been rebranded as Stonehenge 51.
Stonehenge 51 has experienced very high occupancy. The joint venture expects that to continue given the property’s Midtown East address and the growing area footprint of Google and Facebook, which should spur demand for quality apartments, according to a prepared statement. Stonehenge NYC will manage the Stonehenge 51 business plan and budget.
It has unveiled Stonehenge Reserve, a new concept offering the option of leasing fair market units for terms of six months or more as well as the convenience of leasing fully-furnished residences.
Leasing flexibility
Built in 1965, Stonehenge 51 offers studio, one- and two-bedroom apartments ranging in size from 400 to 850 square feet, for an average of 634 square feet. Apartments feature above-average ceiling heights, hardwood floors, individual air conditioning, high-speed Internet access and, in select apartments, patios or balconies. All units are furnished. A fitness center leads the list of common-area amenities.
“Stonehenge 51 is actually a deal that is ‘down the fairway’ for us,” Ofer Yardeni, chairman & CEO of Stonehenge NYC, told Multi-Housing News. “Once we were able to finalize our confirmatory due diligence and confirm the building was in great shape, we knew we had a great investment opportunity that is very consistent with what we have been doing for 25 years in Manhattan.”
Referring to Alex Rodriguez and Adam D. Modlin, who head A-Rod Corp. and Modlin Group respectively, Yardeni added, “We are fortunate to have both Alex and Adam as partners. Their collective experience in residential real estate is amazing and served to provide a reality check for the investment from a different perspective, which is always important to have.”
Rodriguez recently delivered the keynote speech at NAHB’s International Builders Show in Las Vegas.
