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NEW YORK CITY-SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to convert and reposition 1080 Amsterdam Ave. as a luxury apartment building, the REIT unveiled in a statement on Wednesday. Under the deal, the JV entered into a 99-year ground lease at the Morningside Heights property and will invest approximately $13 million toward a complete redevelopment program of the 96-unit building, which will begin shortly after the partnership takes possession.

The pre-war property, located just south of Columbia University’s main campus at the northwest corner of Amsterdam Avenue and West 113^th Street, was most recently utilized by St. Luke’s Hospital Center to house hospital staff. After taking possession, SL Green and Stonehenge will plan to renovate the entire 82,250-square-foot building, including common corridor upgrades and window improvements, as well as elevator, heating, and electrical system upgrades. The redevelopment is expected to be completed within 24 months from its commencement. 

“Our relationship with SL Green is certainly off to a great start,” says Ofer Yardeni, managing partner of Stonehenge, in a statement. “Capitalizing on our respective strengths, we seek to take advantage of the best property ownership opportunities, acquire those properties, and then maximize value in ways that appeal to tenants while also meeting our objectives as investors.  Together, we believe we are building a strong foundation for long-term success.”         

Stonehenge owns and manages a portfolio consisting of 27 properties representing over 3,000 residential apartment units, retail, office and garage space. On the West Side, it has eight other residential properties in its portfolio, including Stonehenge Village, Stonehenge Tower, the Ritz Plaza, the Olivia, Stonehenge 18, 101 W. 15^th St., Stonehenge Gardens and 10 Downing. The company also recently acquired 364 West 18^th St. form Fortuna Realty Group in Chelsea.

Massey Knakal Realty Services represented St. Luke's on the deal, and SL Green did not use a broker, a spokesman for the REIT confirms.