Stonehenge NYC has acquired a 32-story, 196-unit multifamily at 408 E. 92nd Street for $115M, a deal that translates to about $587K/unit.

According to reports, the deal for the tower—known as RiverEast—is still covered by the 421a tax credits that expired last year for new developments. The new owner is required to keep 25% of the units rent stabilized until 2026.

Jack Rogers

 

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