Eastern Consolidated Sells London House On Upper East Side
Equity Residential Acquires Institutional-Grade Residential Building on East 80th Street for $62 Million
New York, NY - January 9, 2007 - London House, a 155-unit apartment building at 420 E. 80th Street, situated on Manhattan's sought-after Upper East Side, has just sold for $62 million to Chicago-based Equity Residential, the largest residential REIT in the country.
Eastern Consolidated's Eric M. Anton and Ronald A. Solarz, both Executive Directors, represented the seller, the third generation of the same family that built the 137,238-square-foot Yorkville property in 1961. The Anton/Solarz team also procured the buyer.
Equity Residential was very focused and made an offer during the early stages of our marketing process, said Mr. Anton. Because they were able to close in two weeks time, and pay a good price for the building, the sellers negotiated a non-contingent contract quickly. I must hand it to the attorneys on both sides of this transaction for working so well together in such an expedited manner.
We are seeing tremendous demand for these types of well located apartment houses from institutional buyers, said Ronald A. Solarz.
Fifteen of the London House's units have large terraces or gardens, and the building also offers residents a 30-car subterranean parking garage. Plus, the 12-story property features spectacular city views to the north overlooking low-lying townhouses.
Dennis Sugrue Esq. and Ben London Esq. of Herrick Feinstein represented the seller and Steven Ehrlich of DLA Piper Rudnick acted on behalf of the buyer.
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.
Back to news list