A recently formed joint venture focused on New York multifamily housing has purchased two consecutive apartment buildings in Gramercy for $104.5 million, according to real estate records.
Canvas Investment Partners acquired 210-220 East 22nd Street from PGIM Real Estate in a deal that closed on Oct. 16 but was made public Monday, according to city records. The buyer secured a $60 million loan from Tokyu Land US for the purchase, according to property records.
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Spokespersons for Canvas, PGIM, and Tokyu did not respond to requests for comment.
The seven-story East 22nd Street building between Third and Second avenues will house 204 studio, one-, two- and three-bedroom apartments, according to ConnectCRE. . They were developed in 1982 and 1930, ConnectCRE reports.
PGIM bought the building from Broad Street Development for $49.2 million in 2015, according to property records and ConnectCRE, and JLL’s Andrew Skandarios, Rob Hinckley, Jeffrey Julian and Steven Rutman led the effort and put it up for sale in April. . A JLL spokesperson did not respond to a request for comment.
And while Canvas is a relatively new company, it’s not a blank canvas and is supported by people with a lot of real estate experience. The company is co-founded by Josh Harris, co-founder of Apollo Global Management, Robert Morgenstern of Morgenstern Capital, and Al Tairis, Morgenstern’s partner at real estate management company Canvas Property Group. The Real Deal reported that it was established in July 2022 as a joint venture between the two companies.
Canvas started with a goal of dropping $1 billion to $1.5 billion on multifamily properties around New York and other cities, thanks to an investment from Harris’ family company, HRS Management, according to TRD.
Morgenstern told TRD that the company is targeting high-quality properties valued at $100 million or more.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
