NYC Rental Building Sells For $98M In 'Groundbreaking' Deal

Law360, New York (June 27, 2012, 2:45 PM EDT) -- A subsidiary of the Massachusetts Mutual Life Insurance Co. has purchased a 140-unit apartment building on Manhattan's Upper West Side from Rambleside Holdings LLC for an unprecedented $98 million, or about $850 per square foot, a person familiar with the transaction said Wednesday.

The 16-story prewar building was sold to Cornerstone Real Estate Advisers LLC, a Connecticut-based indirect subsidiary of Massachusetts Mutual, and will be operated by property manager Adelco. Rambleside tapped CBRE Group Inc. to put the 116,000-square-foot property, known as The Brewster, on the...
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