A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place apartments for $390 million. Located at 420 East 54th Street in NYC’s Sutton Place neighborhood, the 38-story, 311-unit rental building traded for $1,254,020 per unit. Built in 1982 the building offers one- to three-plus apartments in a property that includes a 28,000-square-foot landscaped plaza, an onsite 182-car parking garage, and a fitness center. Slate and GreenOak intend to reposition the asset as a premier, full service rental property through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CB Richard Ellis represented the Seller, Equity Residential, in the transaction.
