February 21, 2020
A public pension fund, reportedly the Los Angeles County Employees’ Retirement Association, has closed on the sale of the Instrata NoMad apartment tower to Global Holdings Management Group for $380 million. The sale of the 392-unit property at 10 E. 29th St. in Manhattan is expected to be the largest single-asset residential rental building transaction in New York this year.
Law firm Sheppard Mullin, which represented the pension fund, said the transaction was particularly notable in light of the significant New York City rent regulations implemented in 2019, “and their material adverse effect on the multifamily market.”
Ariel Property Advisors’ year-end report on New York City property sales said multifamily dollar volume and transactions were down 40% and 36%, respectively, compared to 2018.
The Sheppard Mullin deal team that represented the pension fund included partners Peter Koffler and Tom Masenga, and associates Jared Wachtler and Jordan Ehrlich.
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