Slate Property Group and GreenOak close on $390 million joint venture acquisition

Darcy Stacom, CB Richard Ellis

420 East 54th Street - Manhattan, NY

Bill Shanahan, CB Richard Ellis

Manhattan, NY According to Slate Property Group and GreenOak Real Estate, they closed on the joint venture acquisition of RiverTower at Sutton Place for $390 million from Equity Residential. Located at 420 East 54^th St. in the Sutton Place neighborhood, the property is a 38-story, 311-unit rental building.

Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller in this transaction.

Slate and GreenOak intend to reposition River Tower as a full service rental property in the Sutton Place neighborhood through a building renovation and unit upgrades.

RiverTower is situated on a through block site between East 53^rd and East 54^th Sts. and has views of the East River and NYC skyline, dual street entrances, a porte-cochere driveway and below grade parking garage.

Originally developed by Harry Macklowe in 1982 and purchased by Equity Residential in 2010, RiverTower offers one-, two- and three-plus apartments with amenities including a bicycle room, a 28,000 s/f landscaped plaza, an onsite 182-car parking garage, and a fitness center.

Sutton Place is one of New York’s most coveted neighborhoods, given its easy access to all of the borough. It is home to a diverse demographic and further validated by the many famous figures and international dignitaries that call it home – especially given its close proximity to the United Nations. RiverTower is located one block from the East River, a short walk to some of the best shopping, restaurants and nightlife in NYC, and minutes from Midtown. Public transportation is also nearby with the E and 6-subway lines, and there is easy access to FDR Drive.

Slate Property Group is a vertically integrated owner, operator and developer of residential and commercial real estate in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development, the Slate team leverages proven expertise, a diverse set of capabilities and a regimented and planned approach to seek superior risk-adjusted returns on its investments for its investors. During the last six years, the principals of Slate Property Group have purchased in excess of $1.5 billion in real estate assets. 

GreenOak Real Estate Advisors LP is a privately owned real estate investment manager with offices in New York, Los Angeles, London, Seoul, Madrid and Tokyo. Since formation in 2010, GreenOak has raised over $3.4 billion of equity globally and acquired over 100 properties totaling in excess of 12 million s/f.