Stonehenge NYC, in partnership with A-Rod Corp., an investment firm led by baseball star Alex Rodriguez and Modlin Group, a boutique real estate agency headed by Adam D. Modlin, has acquired a 114-unit residential apartment building at 340 East 51st Street for $66.248 million. Formerly known as Allen House, the 14-story building constructed in 1965 by the London Family has been rebranded as Stonehenge 51.
Stonehenge NYC will manage the business plan and budget for Stonehenge 51. Part of the investment strategy includes the introduction of a new concept branded as Stonehenge Reserve, which offers tenants the flexibility of leasing fair market units for terms of six months or more as well as the convenience of leasing fully furnished apartments. The new venture has partnered with private investors. The transaction was brokered by David Krantz and Paul Leibowitz of Savills.
“We have noticed a strong trend, particularly among millennials, of a need for more flexible lease lengths and furnished options. Due to this, we are delighted to introduce our new Stonehenge Reserve concept at Stonehenge 51,” said Ofer Yardeni, chairman and CEO of Stonehenge NYC. “Should they desire, a tenant can simply move in with nothing but their clothing. I am thrilled to be doing our first deal with Alex and Adam and also introducing Stonehenge Reserve. This will be the first of many deals together, as we continue to be bullish on a market that has consistently provided great investment opportunities for rental apartments.”
“Stonehenge 51 is a great compliment to the investment strategy I have established for myself as an investor in real estate over the past 20-plus years,” Rodriguez said. “With Adam and Ofer as my partners, we have an all-star team that has enjoyed an enviable track record in owning and managing Manhattan rental apartments for more than two decades.”
“Stonehenge 51 is an amazing opportunity to own a quality residential apartment building that has historically enjoyed a very high occupancy rate given its excellent location in Midtown East,” Modlin said. “With tech companies such as Google expanding its footprint in NYC and Facebook taking 1.5 million square feet in NYC, there is a growing demand for quality rental apartments.”