Stonehenge Snaps Up Upper East Side Apartment Building for $128M
Acore Capital provided financing for the deal.
By Cathy Cunningham November 4, 2024 11:15 am
reprints
Hey Upper East Siders, a building in your neighborhood just traded hands.
CIM Group has sold The Hanley, its 150-unit luxury rental building at 165 East 66th Street, for roughly $128 million, sources familiar with the sale told Commercial Observer.
Ofer Yardeni‘s Stonehenge was the buyer, while Acore Capital provided financing for the acquisition.
Eastdil Secured’s Gary Phillips, Daniel Parker and Will Silverman arranged the sale, and Eastdil’s Grant Frankel and Ethan Pond negotiated the financing.
The deal closed Nov. 1.
Acore Capital officials confirmed the transaction but declined to provide further details on the loan.
“This transaction hit on several themes we are focused on at Acore Capital and the opportunity to finance a multifamily acquisition at a reset basis for exceptional sponsorship was extremely compelling,” Eric Ramirez, managing director and co-head of Eastern region originations at Acore, told CO. “The NYC multifamily market continues to have high barriers to entry and this property will benefit from the business plan, vision, and operational expertise of the sponsorship group. We are excited to be a part of this transaction and look forward to the project’s success.”
CIM bought The Hanley — the residential component of the mixed-use East 66th Street building — in 2019 for $200 million, with seller Crescent Heights retaining the retail portion of the property, The Real Deal reported.
165 East 66th Street marks Stonehenge’s seventh Upper East Side building, joining 330 East 63rd Street, 920 Park Avenue, 252 East 61st Street, 360 East 65th Street and 354 East 91st Street in the firm’s portfolio.
Last year, Stonehenge bought the 32-story rental tower at 408 East 92nd Street from UBS for roughly $115 million, Commercial Observer reported at the time, landing a $80 million loan for the acquisition. The same Eastdil team arranged that sale, too.
Meanwhile, CIM Group has been busy downtown, taking control last month of the distressed building at 88 University Place in Greenwich Village for $48.6 million, CO previously reported. CIM Group was the lender on the building.
CIM Group and Stonehenge didn’t immediately return requests for comment. Eastdil declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
