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UES Student Housing Trades for $200M-Plus
Meridian Investment Sales has arranged the $212.5-million sale of a student housing building on the Upper East Side. The 19-story 1760 Third Ave. was sold by the Chetrit Organization, which acquired it in 2007.
“Brokers often claim a deal is a ‘win-win’ for both sides,” said Meridian’s David Schechtman. “In this case, that is spot on.
“The Chetrit Organization added tremendous value and exited the investment at a point where the buyers are able to add materially to the property’s value with a capital campaign and pre-existing relationship with the major tenants, who are equally-pleased to welcome a venerable and skilled new ownership group,” he added.
Schechtman, with Abie Kassin, Lipa Lieberman, David Benharouch and Mark Steinmetz, represented the seller and procured the buyer.
1760 Third contains 506 units and is leased to four major institutions: Educational Housing Services, the Laboratory Institute of Merchandising, Hunter College and Baruch College.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
