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Beatrice Tower, a commercial real estate property in Manhattan, is reportedly on the verge of being sold to Equity Residential for $280 million, according to Bloomberg.
The property, which is a 302-unit apartment complex located on 29th Street and Sixth Avenue, will be sold by JD Carlisle Development Corp., a person close to the transaction explained. Equity Residential told the news source that negotiations are ongoing.
If sold for the aforementioned amount, it would be the second-largest apartment sale in Manhattan so far this year, Ben Thypin, Real Capital's director of market analysis, told the news source. The largest sale in 2012 so far was the Columbus Square property, located on the Upper West Side. That transaction was completed between UDR and MetLife.
In addition, rents in the city are expected to increase significantly in 2012, as there has not been a significant increase in supply, the news source explained.
Equity Residential is the largest apartment owner in the United States that is publicly traded. At present, it owns 15 Manhattan properties, Bloomberg added.
