
Partnership Pays $825M for Three Solow Apartment Towers on Upper East Side
An equity syndication sponsored by GO Partners has closed on the $825-million acquisition of three Upper East Side multifamily properties totaling 858 units, including One Sutton Place, Two Sutton Place and One East River Place. The properties, all developed by the late Sheldon Solow, are part of a larger five-property portfolio.
A JLL Capital Markets Investment Sales Advisory team of Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo represented Solow Building Company in the sale. The buyer is a partnership of Black Spruce Management and Orbach Affordable Housing.
The 408-unit 685 First Ave., which sold in October, was the first property to close from the larger portfolio with JLL representing the seller, bringing the total portfolio transaction amount thus far to $1.2 billion. An additional property in the portfolio is currently under contract between the parties.
Pictured: One and Two Sutton Place.
- ◦Sale/Acquisition