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Stone Street Buys Three Rental Buildings Near Union Square

[16 East 18th Street]

Jeff Kaye of Stone Street Properties had quite a busy week, as The Real Deal reported. On Thursday, the developer closed on two rental buildings in Gramercy210 and 220 East 22nd Street—for $123 million, and on Friday, he followed up with the purchase of another nearby rental building at 16 East 18th Street, just off Union Square for $22 million.

The properties at 22nd Street were sold by Broad Street Development and Crow Holdings, holding 208 units spread across 120,000 square feet. According to StreetEasy, rents at the two buildings average $3,450/month. Although the buildings were marketed as potential condo conversions, a source close to the transaction indicated that Stone Street would keep the building rental.

The property on 18th Street is about 19,000 square feet, with eight residential units and commercial space. Ariel Associates sold the building to Stone Street, who will refurbish the building to create "full-floor, loft-style rentals."

Back in March, Stone Street sold a 16-building portfolio to Jared Kushner for $132 million, as well as five connected buildings in Soho to Galil Management.
· Stone Street buys Union Square rental building for $22M [TRD]
· Jeff Kaye's Stone Street buys Gramercy rentals for $123M [TRD]