sam zelit is Residential Equity sold an old brand Trump Square Upper West Side apartment tower — who dropped the Trump name in 2016 – for $266 million, according to the brokerage CBRE.
A&E Residential purchased the 354-unit building to 140 Riverside Blvd. of Equity, Bloomberg first reported. As part of its purchase, A&E plans to renovate older apartments in the property, update the lobby and resident lounges, expand the fitness center and “reimagine” the courtyard, according to a source aware of the deal.
“We are big believers in New York and have been steadfast in that belief for the past two years,” Douglas Eisenberg, co-founder and executive chairman of A&E, said in a statement. “This belief has allowed us to secure quality multi-family properties at attractive valuations while many providers of capital have been left on the sidelines.”
Alec BrackenridgeEquity’s chief investment officer, said in a statement that it sold the property as part of its strategy “to lighten our exposure to some of our urban coastal markets” and secured a “price that demonstrated strong investor interest in owning apartments in New York.”
Equity Residential bought 140 Riverside Boulevard with neighbor 160 and 180 Riverside Blvd. for $809 million and decided to keep the Trump brand – donald trump had been involved in the development – on the property, the New York Times reported.
After Trump won the 2016 Presidential Letters, a group of tenants spread across the three buildings launched a petition to remove his name luxury towers. Equity Residential eventually did, but told the Time it had nothing to do with the election, just that the contract to use Trump’s name expired.
CBRE Dary Stacom and Ryan Silver represented Equity in the sale of 140 Riverside Boulevard.
“One-forty Riverside Boulevard is a benchmark in the New York City market, located both waterfront and parkside with direct access to the Hudson River Park system,” Stacom said in a statement. “The property has been meticulously maintained and is truly excellent real estate – as confirmed by this transaction.”
Nicholas Rizzi can be reached at [email protected].