GID Apartment Portfolio, New York, NY

Savills represented GID Investment Advisers LLC, as advisor to a major state pension fund, in the sale of three Manhattan rental apartment buildings, totaling 379 units. The properties were marketed and sold as potential condominium conversion opportunities.

The portfolio consisted of two buildings located on Manhattan's Upper East Side - the 31 story 1438 Third Avenue and the six story 1430 Third Avenue - along with the thirteen story 245 Park Avenue South, a residential loft property located in the heart of the Flatiron District, one of New York's "hottest" residential enclaves.

Savills offered the properties both as a portfolio and as one-off purchases. The marketing of the offering was unusually broad and attracted keen interest from a variety of local, national and international prospects. In the end, Savills was able to maximize pricing through one-off sales.

Despite several challenges to the offering, including low ceiling heights in one of the buildings and unconventional layouts, Savills was able to achieve outstanding pricing for its client.