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New York & Tri-State  + Uptown/Bronx  + Finance  | 

RXR Partnership Closes on $261M Preferred Equity for Upper East Side Portfolio

RXR, Macquarie Capital Principal Finance and the Qatar Investment Authority have closed on a $261-million preferred equity investment in the acquisition of a three-building, 858-unit, $825-million Class-A New York City multifamily portfolio. GO Partners, a joint venture between Black Spruce Management and Orbach Affordable Housing Solutions, acquired the portfolio on Manhattan’s Upper East Side. 

Hudson Realty Capital advised on the deal.  A Cushman & Wakefield team led by Adam Spies served as the broker for the transaction. 

Developed by the late Sheldon Solow, the buildings – One & Two Sutton Place and One East River Place –are currently more than 96% occupied. 

“With decades of experience in structuring finance investments, RXR was able to provide an efficient financing solution for GO Partners in an accelerated timeline during a period where financing for such acquisitions and developments has been increasingly difficult to obtain,” said Russell Young, EVP of RXR’s Investment Management Group. 

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RXR's Young

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing
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