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Alcion and Slate JV sells 60 East 12th Street for $82.5M
The 133-unit building was sold for a 23.3% discount to the $107.5 million the JV paid in 2019.
A joint venture involving Alcion Ventures and Slate Property Group has sold the rental apartment building at 60 East 12th Street near Manhattan’s Union Square for $82.5 million, Commercial Observer reports, citing a source with knowledge of the deal.
The JV, which held the property through the 60 East 12th Street Owner entity, sold the 133-unit building to Stonehenge Investment and Wraith Capital Group. The reported sale price represents a roughly 23.3% discount from the $107.5 million Alcion and Slate paid for the property in an off-market deal from Heller Realty in 2019.
Alcion holds a 91% stake in the site, while Slate holds the remaining 9%. The 13-story building, built in 1962, includes a mix of studio through three-bedroom apartments and 5,100 square feet of ground-level retail space that appears to be occupied by an attached Metropolis parking garage, according to the report.
No brokers were involved in the new sale, and it is unclear what the buyers plan, though the building will likely remain residential, Commercial Observer adds. The property sits between Broadway and Fourth Avenue.