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Alex Rodriguez overpays for 340 East 51st Street

340 East 51st Street (Credit: Google Maps)

Stonehenge’s Ofer Yardeni, Alex Rodriguez, and Adam Modlin have entered into contract to acquire 340 East 51st Street from Allen and Ben London’s Solstice Residential Group for “under $100 million”. The multi-family property spans 88,658 SF, and contains 114 apartments (100 are free market). 

  • Stick to baseball: Marketing materials show that the Turtle Bay property generates a projected NOI of $2,705,761. At a sales price of $80 million, that would be a 3.38% cap rate. Expense line items and rents don’t reveal significant upside. 
  • Yardeni doing his best Adam Neumann impersonation: He told the NYPost, “there was no set up and no information. I needed to send my team to do the due diligence and move like a Navy Seal.” This deal has been on the market for over three years!!
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