Greystar Buys $240 Million In Apartments

Greystar Real Estate Advisors LLC closed a purchase transaction of a portfolio of Manhattan apartments from Thurcon Properties for over 1,000 units. The total purchase price for the portfolio, which is comprised of 10 buildings in various Manhattan locations, was $238.75 million or approximately $300 per square foot. The portfolio includes two buildings in Upper East Side, five in Gramercy Park, one in Greenwich Village and two in Soho. The street addresses include Third Avenue, Thompson Street, East 22nd Street, Mulberry Street and Park Avenue. Greystar Manhattan Management LLC, a joint venture between Greystar and Prime Manhattan, plans to aggressively manage the properties and design management strategies for the buildings based upon the location. Founded in 1993, Greystar Real Estate Partners LLC is a South Carolina, privately held, full-service real estate firm with operations in over 20 cities across the country. The company has more than 1,000 employees and currently oversees over 200 properties representing more than 40,000 units.