Stonehenge Partners Sells East Midtown Portfolio for $16.1M
Rachel Butt Oct. 21, 2015, 5:52 p.m.
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.
“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.