The Related Companies has agreed to sell the Monterey on the Upper East Side to investor Rubin Schron for $250 million, marking the priciest sale of a multi-family building in Manhattan so far this year, Bloomberg News reported. The 521-unit rental property at 175 East 96th Street was one of Related’s largest apartment buildings.
“Manhattan, high-quality, institutional, residential, rental real estate never goes out of favor,” Eastdil Secured’s Doug Harmon, who handled the sale, told Bloomberg. “Because of Monterey’s size, spacious apartments, spectacular views and full amenity package, it priced equally well to converters as it did to the rental-building buyers.”
Related put the Monterey on the block in late January, as previously reported. Related had been aiming for bids between $250 million and $300 million.
Rents at the building, which Related developed in 1993, span from $2,795 to $5,900 per month.
The Monterey is an 80/20 building, which means that 80 percent of its units are market rate, and the remaining 20 percent are set aside for affordable housing. [Bloomberg News] —Zachary Kussin