Zell Buys 3 NYC Buildings From Macklowe For $475M

Law360, New York (February 2, 2010, 3:25 PM EST) -- Real estate mogul Sam Zell's Equity Residential has sealed a $475 million deal to acquire three Manhattan high-rise apartment buildings from developer Harry Macklowe.

The three buildings include 910 apartment units, 23,339 square feet of retail space and 50,000 square feet of parking space, Equity said Monday.

The initial capitalization rate on the combined transaction is 5.52 percent, according to Equity. The deal is funded primarily from disposition proceeds, it said.

The company already had closed the acquisition of two of the buildings Jan. 29 —...
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