NEW YORK CITY—For the second time in just a few months, GID and joint venture partner CalPERS have sold a Manhattan multifamily building on the Upper East Side in an off-market transaction—with both properties getting traded at a healthy price.
The two firms have unloaded the Wellington, a luxury building, for $240 million. The 115-unit property, located at 200 E. 62nd St. between Second and Third avenue, was purchased by another joint venture pair: O’Connor Capital Partners and HIG, according to industry sources. Blackstone provided debt for the deal, though GlobeSt.com could not ascertain an amount.
Back in December, the GID/CalPERS duo sold the Westminster, a 152-unit upscale building at 165 E. 66th St.—between Third and Lexington avenue—for $230 million to Crescent Heights. Both deals were brokered by BlueGate Partners, with the most recent deal handled by the firm’s Mark DeLillo, managing partner and Jeff Bastow, managing director.
Both deals were done at a “sub-three cap rate,” according to industry sources. Officials at O’Connor Capital and BlueGate declined to comment. GID and CalPERS did not return calls by press time.