Zell's Co. Puts Down $76M For NY Apartments

Law360, New York (January 3, 2012, 4:36 PM EST) -- Property tycoon Sam Zell's Equity Residential paid $76 million for a luxury apartment complex in Brooklyn, N.Y., according to property records posted Friday.

Equity, based in Chicago, bought the 115-unit apartment building last month, according to New York property records and apartment listings on the firm's website. The building was purchased by New York-based developer Chetrit Group LLC in 2007, records show.

The acquisition will give Equity, which owns apartments around the country, access to a development on New York City's East River that includes amenities such as a 14,000 square...
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