The co-developers of The Beatrice, JD Carlisle and DLJ Real Estate Capital Partners, announced that it had sold the property at 105 West 29th Street in New York for $280 million according to a CNBC report. Equity Residential purchased a 29 floor residential portion of the 54 story mixed-use tower, while the remainder, which includes the Eventi Hotel and parking garage, were not included in the sale. Terms of the deal were not disclosed.
"The Beatrice epitomizes the increasing strength of multifamily fundamentals, particularly in the New York City market," said Andrew Rifkin, Chairman and Managing Partner of DLJ RECP. "Together with JD Carlisle, we remain committed to the ongoing development of new, high value-added real estate opportunities, seeking ways to create even greater value for institutional investors."
"The sale of the Beatrice is testament to our development team's consistent ability to deliver premier properties of the highest caliber," said Jules Demchick, Chairman of JD Carlisle. "EQR recognizes the tremendous long-term value this proven property offers. New York City class-A multifamily is a highly sought after asset class delivering solid returns to institutional investors."
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