SL Green Realty Corp. has agreed to acquire The Olivia, a mixed-use residential and commercial property, from Stonehenge Partners for $386 million, the company announced today. The acquisition also includes a lot adjacent to the property.
“We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York City residential market is strong,” said Andrew Mathias, president, in a prepared statement. “The property is located in a neighborhood that is expected to absorb thousands of new jobs during the next decade. With those new jobs, the local demand for luxury housing also is expected to climb sharply.”
Massey Knakal Realty Services has secured the 99-year lease at 1080 Amsterdam Avenue (aka 501 West 113th Street), where The Commercial Observer reported in August that a partnership between SL Green Realty Corp. and Stonehenge Partners would create a luxury residential building.
The property is located on the northwest corner of Amsterdam Avenue and West 113th Street, in the heart of Morningside Heights.
Tales of Investments
SL Green Realty Corp. is teaming up with Stonehenge Partners to redevelop a former residence for St. Luke’s Hospital Center staff into luxury apartments. The building, at 1080 Amsterdam Avenue, will be obtained by the two, via a 99-year ground lease, and then redeveloped. Total cost of the investment is estimated to be $13 million.
The broker in the canary-yellow Dolce & Gabbana overcoat—a festive and vernal touch that was perfectly suitable for this year’s bipolar winter—may be better dressed than most of the commercial brokerage industry, and could certainly lay claim to being one of the toughest in the business as well.
Aliza Avital, thin and towering and striking like a modern-day skyscraper, sat in the conference room in the offices of Eastern Consolidated, where she had just been promoted to senior director.