Brown Harris Stevens (BHS) has been exclusively retained to facilitate the sale of a $100M, 26-unit Sponsor-owned condominium package at The Beekman Regent, located at 351 East 51st Street in the heart of Manhattan’s Turtle Bay neighborhood. The property package consists of the building’s most valuable, unique, and grand residences, comprised of two- to four-bedroom loft-style apartments, townhouses, and penthouses. The exclusive listing agents are Josh Young, Dominique Ramirez, and Joshua Arcus of Brown Harris Stevens.
“Throughout the years, the Sponsor sold many of the building’s classic layouts, retaining this diversity of captivating residences, which have been recently renovated and enhanced with the finest finishes,” said Josh Young, Executive Vice President who leads special projects focused on exclusive sales, leasing, and new development opportunities at Brown Harris Stevens. “Now, as the Sponsor prepares for retirement, they have chosen to release this package of exceptional residences to the market, over half of which have views of the East River or city skyline. The condominium structure allows for the potential to maximize return on investment with highly competitive in-place rents close to $100 per square foot, making it a cash-flowing asset.”
“Often, bulk sponsor sales involve stabilized units and co-ops. However, this is a unique opportunity because these are condo units currently rented as free market rentals. This provides a rare chance to purchase a cash-flowing asset with the potential upside of selling the units individually or in tranches.” Joshua Arcus of Brown Harris Stevens.
The 26 units make up a total of 63,176 square feet, of which 58,228 square feet are residential, and 4,948 square feet are outdoor space.
“The Beekman Regent exemplifies luxury living in Manhattan, featuring a remarkable collection of residences that showcase outstanding quality and views,” said Bess Freedman, CEO of Brown Harris Stevens. “With an impressive array of amenities, this building truly offers an exceptional investment in one of the city’s finest neighborhoods in an already well-established building.”
The Beekman Regent, listed on the National Register of Historic Buildings, was redeveloped in 2001 as condominiums. Upon completion, it was awarded the finest redevelopment in the world. The building’s highly-regarded management and attentive full-service staff allows for easy property maintenance and resident enjoyment. A thoughtful suite of building amenities includes a conference room, library, resident lounge, media room, fitness center, sauna, ballet studio, valet parking, and onsite storage, among others.
A sought-out Manhattan neighborhood, Turtle Bay offers easy access to transportation, education, iconic restaurants, shopping, the United Nations, Midtown offices, and some of the best parks New York City has to offer.
