Slate Property Group and GreenOak Real Estate to acquire RiverTower for $390 million

New York, NY A joint venture of Slate Property Group (Slate) and GreenOak Real Estate (GreenOak) announced today they are in contract to acquire RiverTower at Sutton Place for $390 million. Located at 420 East 54^th Street in NYC’s revered Sutton Place neighborhood, the 38-story, 311-unit rental building property was a one-of-a-kind opportunity for the partners to purchase one of the neighborhood’s largest rental properties and capture the strong demand and rental growth within this prominent submarket. RiverTower is situated on a through block site between East 53^rd and East 54^th Streets and has exceptional views of the East River and NYC skyline, while being further enhanced by dual street entrances, a rare 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 building amenities including a bicycle room, a 28,000 s/f landscaped plaza, an onsite 182-car parking garage, and a fitness center. Slate and GreenOak intend to reposition River Tower as the premier, full service rental property in the Sutton Place neighborhood through a comprehensive building renovation and unit upgrades. Sutton Place is one of New York's most coveted neighborhoods, given its easy access to all of Manhattan. 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 as convenient as it is prestigious, 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. Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller in this transaction.