Benchmark Real Estate acquired a 103-year-old Upper West Side rental apartment property, 250 W. 85th St., after a five-decade hold by the previous ownership. The acquisition price was $66 million, according to the New York Business Journal.
A Walker & Dunlop Capital Markets team led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz and Jackson Irwin arranged $37.3 million in limited partner equity on behalf of Benchmark, an established owner/operator in New York City, to support the acquisition and planned renovations. An institutional investor provided the capital for the transaction.
Beler said, “This deal required speed and certainty. Benchmark moved decisively off-market, and the institutional investor delivered fast, definitive capital. Our role was to align high-conviction equity with a clear value-creation plan—and get it done on an expedited timeline.”
According to the Business Journal, the 121-unit property, which also houses 4,400 square feet of fully leased retail, had been owned by affiliates of Heller Realty since 1972.
The post Upper West Side Apartments Trade to Benchmark After 53-Year Hold appeared first on Connect CRE.