February 24, 2020
A partnership of Stonehenge NYC, Alex Rodriguez’s A-Rod Corp and Modlin Group has made its first acquisition, a 114-unit apartment property in Midtown East. The partnership acquired 340 E. 51st St. for $66,248,000.
Formerly known as Allen House, the 14-story building constructed in 1965 by the London Family has been rebranded as Stonehenge 51. Stonehenge NYC will introduce a new concept, Stonehenge Reserve, at the property, offering fully-furnished apartments and flexible lease terms.
“We have noticed a strong trend, particularly among Millennials, of a need for more flexible lease lengths and furnished options,” said Stonehenge CEO Ofer Yardeni.
Rodriguez said, “Stonehenge 51 is a great complement to the investment strategy I have established for myself as an investor in real estate over the past 20-plus years.” Added Yardeni, “This will be the first of many deals together.”
Savills’ David Krantz and Paul Leibowitz brokered the deal.
Pictured: Ofer Yardeni.
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