Greystar Acquires 266-Unit Luxury Multifamily Property in Manhattan
NEW YORK – April 23, 2019 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the acquisition of the 266-unit 800 Sixth Avenue on behalf of its real estate funds. The asset, located in the sought-after NoMad neighborhood of Manhattan, represents an opportunity for Greystar to acquire an optimally located, under-improved value-add asset in one of New York City’s most desirable submarkets.
“The acquisition of 800 Sixth complements Greystar’s strategy of acquiring high-quality assets where we can add value through renovation upside and operational improvements in highly desirable submarkets like NoMad, where demand remains high and supply is tight,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “This property has seen minimal improvements over the years, which presents an opportunity for us to complete significant renovations to compete with luxury new construction in the area while keeping post-renovation rents below our primary competitors.”
Completed in 2003, 800 Sixth is located in Manhattan’s trendy NoMad neighborhood, a supremely well-located submarket that provides easy access to major employment centers including Silicon Alley, which is home to major tech firms including Google, Facebook, Twitter, and IBM,– who together account for approximately 3.6 million square feet of office space and also to Grand Central, Hudson Yards, the World Trade Center, and Penn Station. The neighborhood boasts a walk score of 100, with major shopping districts, dining, nightlife and recreation options all located within walking distance of the property. The asset is also located in close proximity to all of New York’s major subway lines and provides ease of access to New Jersey via the PATH.
Greystar’s capital improvement plan will include comprehensive updates to residences, including replacing dated appliances and cabinets and upgrading finishes including lighting, plumbing and hardware fixtures. Greystar will also overhaul the building’s common areas and amenity spaces – which include a fitness center, a sky deck, and a resident lounge with a chef’s kitchen and billiards room.
As the nation’s largest apartment operator with approximately 500,000 units under management, Greystar currently owns more than 200 units in the neighborhood and manages over 3,100 more in Manhattan. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the New York area.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $115 billion of real estate in over 180 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 500,000 units/beds, and has a robust institutional investment management platform with $32 billion of assets under management including $12 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
ICR on behalf of Greystar