Carrega, Helman, Oelsner, Epstein and Kingsley of Grubb & Ellis broker $67.3 million sale; For 180,000 s/f apartment building at 555 Sixth Avenue

Grubb & Ellis Co.'s Capital Markets Group represented St. Vincent Catholic Medical Center in the disposition of 555 Sixth Ave. for $67.3 million. The 180,000 s/f apartment building was purchased by Stonehenge Partners, an owner and investor in apartment buildings. Grubb & Ellis' Vincent Carrega, executive VP, Neil Helman, executive VP, Yoav Oelsner, executive VP, Jon Epstein, executive VP, and Charles Kingsley, executive VP, facilitated the transaction. "There was a tremendous level of interest in the property, resulting in a sale price significantly higher than the $48 million bid extended by a stalking horse bidder prior to our taking the property to market," said Carrega. "This sale clearly reaffirms the strength of the New York investment market. Significant interest in this asset was evidenced by more than 20 qualified bids." Situated at the crossroads of both Chelsea and the Flatiron District, 55 Sixth Ave. features six stories plus lower level and basement and is situated on an entire blockfront between West 15th and West 16th Sts. The elevatored building contains a total of 178 studio, one-bedroom and two-bedroom apartments, and a 90-car parking garage and 27,585 s/f of lower level commercial space. The offering included excess development rights of 64,000 s/f. The property was most recently used by St. Vincent's to house employees and other affiliated residents. It was delivered vacant with the exception of three residential tenants and an operating agreement for the parking garage, which could be terminated by the new owner.