Multi-family market continues to show its strength
The Manocherian Family’s Pan Am Equities has acquired 103 East 86th Street from Ofer Yardeni’s Stonehenge Partners for $90 million, according to TRD. The Upper East Side rental building spans 91,260 SF, and contains 50 apartments (13 are stabilized).
Be Smart: In December 2014, SL Green bought Joel Seiden’s 50 percent stake in Stonehenge’s NYC apartment portfolio, which comprised of 2,815 rental apartments and 43,000 SF of retail space. However, SL Green only owned a 1 percent stake in this property.
Flashback: Stonehenge acquired the property from Abro Management for $76 million in 2012.