Alcion Ventures and Slate Property Group have sold 60 East 12th Street, a 133-unit rental apartment building near Manhattan's Union Square, for $83 million.
The ownership group held the property through an entity named 60 East 12th Street Owner. The transaction represents a loss for the joint venture, according to Commercial Observer.
Stonehenge Investment and Wraith Capital Group acquired the building. The sale shifts control of a multifamily asset in one of Lower Manhattan's most closely watched residential submarkets.
The transaction adds to evidence of pressure on apartment owners seeking to exit investments made under different financing and operating conditions. Further terms of the deal were not disclosed in the reported information.
