GO Residential Real Estate Investment Trust Acquires Multifamily Assets From Scott Rechler For $339.5M

The asset involved in this transaction comprises three multifamily buildings located at 420 East 61st Street, 1113 York Avenue & 525 East 72nd Street in the Lenox Hill neighborhood of Manhattan. The sale price was $339,500,000, featuring a total of 857 units across 1,174,579 square feet, with a price per unit of $396,149 and a price per square foot of $289.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $339,500,000
• Buyer: GO Residential Real Estate Investment Trust
• Seller: Scott Rechler - RXR Realty
• Total Units: 857
• Total Square Feet: 1,174,579
• Price Per Unit: $396,149
• Price Per Square Foot: $289

This transaction concluded RXR Realty's involvement in the $850 million portfolio acquired with GO Partners. The buyer, GO Residential REIT, financed the purchase through proceeds from its Toronto IPO, realizing a sale amount approximately 30% above RXR's initial $261 million investment made in 2022.