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Stonehenge Partners, SL Green Exit Ownership of 1274 Fifth Avenue

Akelius’ U.S. Arm Buys Rental Building for $44.1M
March 26, 2018
In an all-cash transaction, Akelius Real Estate Management has purchased the Stonehenge on Fifth, a 53-unit East Harlem rental building situated at 1274 Fifth Ave. in New York City, from a strategic partnership of Stonehenge Partners and SL Green.

The buyer is a U.S. subsidiary of Swedish apartment-investor Akelius, and its Manhattan office is helmed by Kunal Chothani. The $44.1 million sales price amounts to about $832,000 per unit.

The asset traded at a cap rate of just 2.71%, according to Rosewood Realty Group, which negotiated both sides of the sale. Billy Billitzer handled the sale for Akelius, while Aaron Jungreis represented the sellers.

In 2015, SL Green invested in a 50-percent stake in Stonehenge’s apartment portfolio, which at the time totaled 2,717 units across 19 properties and 2.87 million square feet. Stonehenge had originally acquired the property in 2003 from Empire Capital Partners for $11.9 million or $220,370 per unit, according to CoStar data.
See CoStar COMPS #3282087 and #807656.

Built in 1935, the 3-Star, 55,128-square-foot midrise building at 1274 Fifth has a mix of one-, two- and three-bedroom apartments sized from 650 to 1,035 square feet.

Stonehenge on Fifth's location across from Central Park puts it in the Museum Mile neighborhood, which has just six elevator-equipped rental buildings. The property is midway between the MTA 4 and 6 subway lines at 110th Street and the 2 and 3 lines at Central Park North. Fiorello LaGuardia, New York City’s mayor from 1934-1945, lived in its penthouse unit until 1942. That year, Gracie Mansion became the official mayoral home.

CoStar data shows that in addition to investing in Boston and Washington, D.C., Akelius owns five Manhattan apartment properties spanning just over 480,000 square feet as well as a significant Brooklyn multifamily portfolio, measuring nearly 860,000 square feet across 18 properties.

Please see CoStar COMPS #4151270 for additional information on this latest transaction.

Diana Bell, New York City Market Reporter  CoStar Group   
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