Feb 22, 2019
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a student housing building in the Upper East Side for $212.5 million. Senior Executive Managing Director, David Schechtman, Managing Directors, Abie Kassin and Lipa Lieberman, and Directors, David Benharouch and Mark Steinmetz, represented the seller and procured the buyer in this transaction.
1760 Third Avenue is a 19-story, 247,000 square foot student housing building located in Manhattan’s Upper East Side neighborhood, spanning the full block between East 97th and East 98th Streets. Built in 1973 and renovated in 2018, the property contains 506 units and is currently leased to four major institutions: Educational Housing Services (EHS), The Laboratory Institute of Merchandising (LIM), Hunter College (CUNY) and Baruch College (CUNY). Students benefit from immediate access to the 6 subway train at 96th Street and Lexington Avenue, in addition to the NYC Health + Hospitals located one block away.
Manhattan’s Upper East Side neighborhood is home to upscale real estate, well-known schools, and designer boutiques alone Madison Avenue. The area also offers residents proximity to some of New York’s most prominent landmarks, including Central Park and the Guggenheim and Metropolitan Museum of Art along Museum Mile. The neighborhood is easily accessible via the 4, 5, 6, F, N, Q and R subway lines and various local bus routes.
“Brokers often claim a deal is a ‘win-win’ for both sides. 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,” said Mr. Schechtman.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com