NEW YORK (Sept. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company’s Capital Markets Group represented St. Vincent Catholic Medical Center in the disposition of 555 Sixth Ave. (top left photo) for $67.3 million. The 180,000-square-foot apartment building was purchased by Stonehenge Partners, an owner and investor in apartment buildings.
Vincent Carrega, executive vice president, Neil Helman, executive vice president, Yoav Oelsner (lower left photo), executive vice president, Jon Epstein (lower right photo), executive vice president, and Charles Kingsley, executive vice president, facilitated the transaction.
“There was a tremendous level of interest in the property, resulting in a sale price significantly higher than the $48 million bid extended by a stalking horse bidder prior to our taking the property to market,” said Carrega.
“This sale clearly reaffirms the strength of the New York
Situated at the crossroads of both Chelsea and the Flatiron District – two of Manhattan’s most dynamic and vibrant neighborhoods – 555 Sixth Ave. features six stories plus lower level and basement and is situated on an entire blockfront between West 15th and West 16th Streets.
The elevatored building contains a total of 178 studio, one-bedroom and two-bedroom apartments, as well as a 90-car parking garage and 27,585 square feet of lower level commercial space. The offering included excess development rights of more than 64,000 square feet.
The property was most recently used by St. Vincent ’s to house employees and other affiliated residents. It was delivered vacant with the exception of three residential tenants and an operating agreement for the parking garage, which could be terminated by the new owner.
Contact: Erin Mays
Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com
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