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(Read more on the multifamily market.)

NEW YORK CITY-Stonehenge Partners Inc. has acquired 330 E. 63rd St. for $39 million from 63rd East Side Realty LLC. Eastern Consolidated represented the seller and procured the buyer.

The 90,000-sf property, located at 330 E. 63rd St., adds over 2,000 rental units in Manhattan to Stonehenge’s portfolio. The 93-unit, seven-story rental building occupies a 17,500-sf footprint. Eastern Consolidated director Aliza Avital represented the seller, and Avital together with Alan Miller, senior director, procured the buyer.

“It’s rare for the seller, a local real estate family, to sell one of their buildings,” notes Avital. “But the market is at an all-time high, so not surprisingly it made sense to maximize their investment at this time.”

Miller explains that, “Stonehenge is thrilled with this new acquisition and intends to upgrade and renovate the property, and gradually raise rental rates. The majority of the apartments, 37 studios, 42 one-bedrooms, and 14 two-bedrooms, are rent-stabilized.”

Average apartment sizes at 330 East 63rd St. are over 750 sf. The building is situated equidistant to the 59th and 68th Street subway line on Lexington Avenue.

Goldberg Weprin & Ustin LLP acted for the seller, while Larry M. Loeb, Esq. and Michael Fein, Esq. of Kramer Levin Naftalis Frankel LLP acted for the buyer.

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