Sutton Place Multifamily Tower Trades

RiverTower at Sutton Place was developed by Macklowe Properties in 1982.

NEW YORK CITY— Equity Residential has sold its RiverTower at Sutton Place apartment tower here to a joint venture of Slate Property Group and GreenOak Real Estate for $390 million. Darcy Stacom and William Shanahan of CBRE represented Equity Residential in the transaction. The deal reportedly went into contract in the fall of last year. RiverTower at Sutton Place is a 38-story, 311-unit luxury rental building that was originally developed by Harry Macklowe in 1982 and purchased by Equity Residential in 2010. According to Macklowe’s website, RiverTower, located at 420 E. 54th St., was Macklowe Properties ‘ foray into large-scale residential development. Equity Residential announced on Feb. 1, 2010 it had acquired RiverTower along with 777 Sixth Ave., a 32-story, 293-unit apartment tower in Chelsea and was in contract to purchase Longacre House, a 26-story apartment building at 305 W. 50th St. The Chicago-based firm closed on that transaction at the end of March of that year. The three buildings were acquired in a deal valued at $475 million. RiverTower offers one-, two- and three-plus bedroom apartment units and also includes a 28,000-square-foot landscaped plaza, an onsite 182-car parking garage, and a fitness center. Slate and GreenOak plan to reposition River Tower by undertaking a comprehensive building renovation as well as upgrades of the units. No value on the repositioning program was released.