$90M+ Hudson Crossing Sale Closes

NEW YORK CITY-Hudson Crossing, which was placed on the market this past spring, sells to Equity Residential for more than $90 million. The 13-story, 259-unit residence at 400 W. 37th St. is an 80/20 property with a mix of free-market and moderate-income apartments. Construction on the building was completed early in 2003. The sale is part of a growing trend of new buyers gets a foothold in Manhattan.

Douglas Harmon managing director of Eastdil Realty orchestrated the sale for the sellers–the Dermot Co. and the AFL-CIO. While Harmon would not comment on the Hudson Crossing transaction, he did note “that the sizzling Manhattan residential market shows no signs of abeyance.”

Harmon’s earlier 2004 sale of the $125.5-million Sonoma for theRelated Cos. to Archstone-Smith set a new price per apartment and price per sf sales record. Harmon states that “it was actually the wake from the Sonoma sale that awoke other long term, non-traditional residential rental owners to contemplate taking some chips off the table.”

Worldwide Holdings’ 71 Broadway and 88 Greenwich are Harmon’s next luxury rental assignment–with an estimated total value of $300 million. Harmon says he expects the same breath and depth of capital to chase down these two assets as did Hudson Crossing.

Located between Ninth and 10th avenues, the 100%-leased Hudson Crossing’s amenities include a 24-hour attended lobby, rooftop terrace, fitness center and on-site laundry facilities.