Upper East Side Property Trades for $266M

Equity Residential sold the 354-unit Manhattan tower.

140 Riverside Blvd. Image courtesy of CBRE

A&E Real Estate has acquired 140 Riverside Blvd., a 354-unit luxury tower in the Upper West Side area of Manhattan, for $266 million. Equity Residential sold the asset, previously acquired in 2005 an part of an $816 million portfolio transaction, Yardi Matrix data shows. Darcy Stacom, chairman of NYC Capital Markets, led the CBRE team which brokered the transaction on behalf of the seller.

Completed in 2002, the 26-story tower comprises studio, one- and two-bedroom floorplans, as well as two-bedroom penthouses, ranging from 231 to 1,245 square feet, with private balconies and patios available for selected units. Amenities include a fitness center, interior courtyard and tenant lounges. The property also encompasses commercial space leased to the Dwight School and a veterinarian.

The community stands out in the New York market due to its location close to the Hudson waterfront and parks, offering direct access to the Hudson River Park system, mentioned Stacom in a prepared statement. The location is also close to several dining options and less than a mile from Central Park. The Lincoln Center for the Performing Arts is also within half a mile of the property.

A&E Real Estate is expanding its portfolio in the New York market, owning more than 8,000 units in Manhattan, Queens and Brooklyn, Yardi Matrix data shows. Just last month, the firm paid $130 million for Cunningham Heights, a 1,056-unit community in Queens.

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