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Harry Macklowe Buys High, Sells Low in New York Multifamily
February 1, 2010 by Neil · Leave a Comment
Harry Macklowe is selling three Manhattan high rise apartment buildings to Sam Zell’s Equity Residential for a combined $475 million.
Macklowe has already sold the River Tower, at 415 East 53rd Street, a 38-story property on Sutton Place and East 54th Street with 323 units, and 777 Sixth Avenue, a 32-story tower at West 27th Street with 294 units.
Macklowe has signed a contract to sell Longacre House, a 26-story apartment building with 293 apartments at 305 W. 50th Street, at Eighth Avenue. Equity Residential said it expected that deal to close no later than May 1. The purchase price for all three equates to about $470,000 per apartment or $545 a square foot.
Once this third transaction closes, Equity Residential will own 26 properties with 7,320 units in the New York metro area, including 14 in Manhattan with 3,825 units.
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