UES Residential Building Sells for $76M
Ofer Yardeni and Joel Seiden have purchased the residential building located at 103 East 86th Street in Manhattan's Upper East Side for $76 million. Mr. Yardeni and Mr. Seiden are founders of Stonehenge Partners, a New York-based real estate company that acquires, redevelops, finances and manages commercial as well as residential real estate.
The mid-rise, 13-story apartment building at 103 East 86th Street has 90,000 square feet of living space, 48 units and was built in 1914. Right after acquisition, Stonehenge put an 8-room, 5-bedroom apartment on the market with a price tag of $24,500. The building has two-, three-, four- and five-bedroom apartments, which will have an average price of $90 to $100 per foot, according to Stonehenge. Some of the apartments have working fireplaces, pre-war details and all of the units have hardwood floors.
It looks like Stonehenge does not intend to convert the building into a condominium, deciding to rather keep it as a rental building and manage it.
Aaron Jungreis brokered the deal and said that this off-market deal was closed after just one single phone call.