NEW YORK CITY-Related Cos. is in contract to sell its 521-unit Monterey apartment building on East 96th St. with real estate investor Rubin Schron's Cammeby's International Group.
The pending deal, according to Bloomberg News, is for about $250 million. Schron is partial owner of the Woolworth Building. If the deal closes, it would represent the largest sale of a Manhattan multi-family building so far this year, according to data from Real Capital Analytics Inc.
The Monterey, completed in 1992, is an 80-20 building with 80% of the apartments rented at market rate and the others reserved for tenants who earn no more than 50% of the area's median income. Joanna Rose, a spokeswoman for New York-based Related, declined to comment on the transaction. Schron didn't respond to a voice mail left at his New York office yesterday. See story at Bloomberg News.
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