Stonehenge NYC Expands Upper East Side Portfolio with $128M Acquisition of The Hanley Luxury Building

In a notable real estate transaction on the Upper East Side, The Hanley, a 150-unit luxury rental building at 165 East 66th Street, has been acquired for approximately $128 million. CIM Group sold the property to Stonehenge NYC, a real estate company with a sizeable footprint in the area. This deal adds to Stonehenge’s collection of Upper East Side properties, according to information provided by

Commercial Observer

.

The financing of this acquisition came from Acore Capital, which sees the opportunity to finance a multifamily acquisition at a reset basis for a high-caliber sponsor as particularly compelling. “This transaction hit on several themes we are focused on at Acore Capital and the opportunity to finance a multifamily acquisition at a reset basis for exceptional sponsorship was extremely compelling,” Eric Ramirez, managing director and co-head of Eastern region originations at Acore, told

Commercial Observer

. The deal was reportedly closed on November 1.

While the details of the $118 million loan from Acore Capital were not disclosed, it is clear that the investment group is bullish on the NYC multifamily market, highlighting the high barriers to entry and the potential for value addition by the new owners.

Crain’s New York

reports that this move is in line with Carlyle’s residential property strategy, despite their recent investments in self-storage facilities across Brooklyn.

Interestingly, the Carlyle Group was at first mentioned to be the buyer in a deed registered in the city records, as per a report from Crain’s New York. Wonjoong Kim, managing director at the Carlyle Group, was said to have signed the papers on behalf of the buyer. However, it later emerged that Stonehenge NYC, helmed by Ofer Yardeni, has been the primary buyer in the deal. This transaction marks Stonehenge’s seventh venture into the Upper East Side, as it continues to rapidly expand its real estate portfolio.

Neither CIM Group nor Stonehenge NYC has explicitly responded to requests for comments regarding the deal. Additionally, Eastdil Secured, which arranged the sale, has also declined to comment, mirroring a trend of discretion often observed amidst large-scale real estate transactions. The properties included in this acquisition are both the residential and garage components of the building, while the ground-floor retail unit, owned by Miami-based real estate firm Crescent Heights, was not part of this sale and is currently leased to the clothing store Alo.

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