Equity Residential Sells 800 Sixth Ave. for $240M
Greystar acquired the 266-unit residential building in Chelsea, as Sam Zell’s company continues to exit from West Side apartment rentals.
NEW YORK CITY—Equity Residential, the Chicago-based real estate investment firm founded by Sam Zell, sold its residential rental property called the Archstone Chelsea at 800 Sixth Ave. to Greystar for $240 million. The sale was first reported in The New York Post. The 36-story, 266-unit residential rental building is located between W. 27th and W. 28th streets.
Greystar is the largest operator of apartments in the US. Its website states as of Sept. 30, 2018, it was in 180 markets globally, with 50-plus offices, managing more than 491,000 units including student apartments.
In November 2018, Bloomberg had reported that Equity Residential put on the market 800 Sixth Ave. in Chelsea, and 505 W. 54th St. in Hell’s Kitchen. Bloomberg stated that Zell’s company “was trying to curb its exposure to Manhattan’s West Side, a wide swath of the borough where rents have been weighted down in recent years by a glut of new apartment supply” according to the REIT’s outgoing CEO David Neithercut in a July conference call with analysts.
The New York Post reported that Cushman & Wakefield’s Doug Harmon, Adam Spies and Marcella Fasulo had represented Equity Residential in the sale of 800 Sixth Ave. As to another instance of Zell’s shedding property on the West Side, in September the Harmon team sold 101 West End Ave. for $416 million, as noted in an October 2018 GlobeSt.com article.