New York, NY – Ofer Yardeni, Chairman and CEO of Stonehenge NYC in partnership with Stockbridge Capital Group, announced today that they have closed on the purchase of The Cole from Carmel Partners for approximately $128.2 Million. The 163-unit luxury apartment building is located on the Upper East Side of Manhattan at 354 East 91st Street. The 22-story building was constructed in 2002 and will be rebranded as The Cole by Stonehenge. The Hodges Ward Elliott commercial team which included Managing Directors Daniel Parker, Paul Gillen, Anthony Ledesma and Vice President Allie Boyan arranged the sale as the exclusive brokers.
Stonehenge NYC sourced, underwrote, and led due diligence for the investment opportunity and will manage the property on the behalf of the Stonehenge and Stockbridge joint venture. Stonehenge plans to upgrade the building’s apartments and amenities and will utilize its best-in-class property management team and lifestyle offerings to enhance the resident experience.
“We are excited to partner with Stockbridge, a world-class real estate private equity firm, on this opportunity. The acquisition of The Cole represents one of the very few 2000s-vintage, fully free-market assets to trade in recent years, and we look forward to providing a first-class experience to the residents in the building,” said Ofer Yardeni, Chairman and CEO of Stonehenge NYC.
“Stockbridge has been an active investor in all the major metros across the United States. In 2021, we made a strategic decision to employ acquisitions efforts in Manhattan. We feel fortunate to have partnered with Stonehenge, a best-in-class operator, in acquiring our first multifamily investment in the market. In addition to solid investment acumen, we share many of the same core values and an optimistic vision for future growth in New York City,” said Stockbridge Managing Director Mark Carlson.
The Cole is situated on the corner of 1st Avenue and 91st street, in the charming neighborhood of Yorkville. The pet-friendly, doorman building is close to many of the Upper East Side’s finest museums, restaurants, and shopping and only blocks away from the Second Avenue Subway. Amenities of the building include a package room, a private courtyard, an outdoor grill, on-site parking, a resident lounge, a billiards room, and a fitness center. The Cole will join 24 other buildings in the Stonehenge NYC portfolio.
About Stonehenge NYC
Stonehenge NYC, founded by Ofer Yardeni, is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. Stonehenge’s core growth strategy is focused on New York City real estate opportunities. The company currently owns and manages 24 residential apartment buildings with more than 3,000 rental apartment units. www.stonehengenyc.com
About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $24.9 billion of assets under management (as of September 30, 2021) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com