Stonehenge Partners Sells East Midtown Portfolio for $16.1M

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Stonehenge Partners has sold a portfolio in East Midtown between East 58th Street and First Avenue to Ditmas Management Corporation for $16.1 million, city records show. The sale closed on Oct. 5 and was recorded with the city on Monday.

The portfolio consists of three multi-family walk-up buildings located at 347-51 East 58th Street. Asking rent for a one-bedroom apartment at 347 East 58th ranges from $2,400 to $2,900 per month, according to Reonomy, a real estate analytics firm.

Aaron Sirulnick and Jonathan Sirulnick of Ditmas declined to comment on the company’s plans.

The 18,725-square-foot property has 30 residential units in total, with 24 one- bedroom apartments, and has an additional 5,376 square feet of air rights, according to a press release from Ariel Property Advisors.

Ariel’s Howard Raber, Shimon Shkury, Victor Sozio, Michael Tortorici and Jesse Deutch represented both the buyer and seller in the deal.

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“As investors aim to capitalize on strong demand for quality housing and rising residential rents, income-producing assets that can be upgraded without the need to spend development-type dollars are in high demand,” Shimon Shkury, the president of Ariel Property Advisors, said in prepared remarks.

Stonehenge’s $3 billion residential portfolio spans over 3.5 million square feet in 22 properties, according to the firm’s website.