Scandalios, Cruz, Julien and O'Hearn of HFF sell of The Elektra

HFF has closed the sale of The Elektra, a 32-story, 166-unit multi-housing tower in the Gramercy neighborhood. HFF marketed the property on behalf of the seller, JP Morgan Investment Management, Inc. Invesco Real Estate purchased The Elektra for an undisclosed amount. The Elektra is located at 290 Third Ave. between East 22nd and 23rd Sts. Originally completed in 1992, the 95% occupied property was fully redeveloped in 2008 and includes studio, one- and two-bedroom units averaging 701 s/f each. Building amenities include a 24-hour attended lobby, rooftop sky deck, health club and laundry facilities. The property also includes 5,341 s/f of ground level retail that is fully leased. The HFF team representing the seller included senior managing directors Andrew Scandalios and Jose Cruz, and directors Jeff Julien and Kevin O'Hearn.