Hampshire Properties Acquires Rental Building In Manhattan From Sam Zell For $85M

Sam Zell, the renowned real estate investor, has sold a rental building located at 420 East 80th Street in Manhattan, New York. The property, comprising 155 units, was purchased by Hampshire Properties for a total price of $85 million. This translates to an average price per unit of $548,000, with a total square footage of 155,000. The transaction was closed at a price per square foot of $550, and the property currently yields a cap rate of 3.18%.

Summary of transaction details

• Property Type: Rental Building
• Transaction Amount: $85 million
• Address: 420 East 80th Street, New York
• Market: Mahattan
• Units: 155
• Price per Unit: $548,000
• Square Footage: 155,000
• Price per Square Foot: $550
• Cap Rate: 3.18%

In this transaction, Sam Zell, representing EquityRes, served as the seller. Hampshire Properties emerged as the buyer, while Marcus & Millichap acted as the broker facilitating the deal.