Ofer Yardeni’s purchase of a luxury rental building on the Upper East Side is official, but with a surprise partner joining the acquisition.
Yardeni’s Stonehenge NYC teamed with private equity giant Carlyle Group to purchase The Henley at 165 East 66th Street, Crain’s reported. The news of the partnership comes after the Commercial Observer first reported the $128 million acquisition.
The deal breaks down to more than $853,000 per unit. Carlyle and Stonehenge did not respond to requests for comment and it’s unclear what stake each has in the property.
Los Angeles-based investment firm CIM Group is the seller of the 20-story, 150-unit complex, which doesn’t have any publicly listed units. CIM spent $200 million to purchase the property half a decade ago, representing a 36 percent drop in value likely tied to elevated interest rates.
Acore Capital provided a $118 million acquisition loan to finance the deal. Miami-based Crescent Heights retained ownership of the retail portion of the property, occupied by an Alo clothing store.
Stonehenge has become laser-focused on the Upper East Side. Last year, the company bought 408 East 92nd Street, a 32-story residential tower, from UBS for approximately $115 million, receiving $80 million in financing from Mesa West Capital. The company’s real estate portfolio features seven properties in the neighborhood.
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This is also not Carlyle’s first move this year in the Manhattan multifamily sector. Early this year, the private equity giant teamed with the Gotham Organization to purchase The Aire on the Upper West Side from A&R Kalimian Realty for $265 million. The buyers received a $216 million bridge loan from MF1 Capital to help finance the deal.
CIM Group, meanwhile, recently picked up the distressed 88 University Place in Greenwich Village for $48.6 million; the company was also the lender on the building.