UDR acquires 22-story apartment rental community in Manhattan, New York, for US$325M
September 1, 2011
– The Moinian Group, one of the industry’s most active residential developers and owners, announces the closing of the sale of 95 Wall in Downtown Manhattan for $325 million to UDR, Inc. (NYSE:UDR - News), one of the country’s largest multifamily real estate investment trust.
The property is an apartment rental community in New York City’s Financial District redeveloped in 2008 and was named Dwell95 by the developer.
“The property is one of the true success stories of Downtown Manhattan over the past few years, and The Moinian Group is pleased to sell this outstanding asset to a company such as UDR that shares our long-term hold ownership strategy,” said Joseph Moinian, CEO of The Moinian Group. “We look forward to working with UDR in the future.”
Located on Wall Street between Water and Front streets, the 22-story building was formerly the corporate headquarters of J.P. Morgan prior to being converted to residential in 2008. Like all Moinian rental developments, the building features condo-quality interior finishes for its studio, one- and two- bedroom apartment homes. The finishes include wood flooring, custom cabinetry, marble countertops and backsplashes, high-end appliances and stackable washer/dryer units. Residents enjoy a 24-hour doorman and concierge service, fitness center, resident lounge, rooftop deck and on-site parking.
Tom Toomey, president and CEO of UDR, said “We see significant value creation opportunities through the implementation of our operating platform as the building is still pre-stabilized following the complete renovation in 2008. 95 Wall provides a unique opportunity to further our presence in the Financial District, an area of Manhattan that we believe will continue to benefit from the redevelopment of the World Trade Center and surrounding areas.”
The building was redeveloped under the 421-g Program and will receive a tax abatement until 2023, as well as an exemption from real estate taxes until 2021, both of which include a four year phase out period.
Douglas Harmon of Eastdil served as broker and advisor in this transaction.
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of June 30, 2011, UDR owned or had an ownership position in 60,456 apartment homes including 2,009 homes under development. For over 39 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company's website at www.udr.com.
About The Moinian Group
The Moinian Group is widely regarded as one of the industry’s most active development firms. It owns approximately 20 million square feet of property across the United States. Its team of seasoned professionals, hands-on management style and a strategic approach to investment and growth has armed the firm with the tools necessary to take advantage of the unique opportunities available in the real estate marketplace.
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