The 96-unit, 20-story residential building is located on 1080 Amsterdam Ave., near Columbia University’s Morningside Heights campus. SL Green and Stonehenge will take a 99-year ground lease and plan to spend about $13 million renovating the 82,250-square-foot building, Crain’s reported.
The real estate firms will upgrade the common corridor, windows, elevators, heating and electrical systems. Construction is anticipated to finish within two years of the start date, which has yet to be announced.
The seller was St. Luke’s Hospital Center, which had previously used the site for staff housing.
This will be the second partner project for SL Green and Stonehenge. Earlier this year, they spent $193.1 million acquiring seven multifamily and commercial properties, including coveted retail space at 724 Madison Ave., between East 56th and East 57th streets, and two buildings at 400 E. 57th St. and 400 E. 58th St.
Stonehenge owns and manages 27 properties spanning over 3,000 residential apartment units, retail, office and garage space. Aside from 1080 Amsterdam Ave., it has eight other West Side residential sites, including Stonehenge Village, Stonehenge Tower, the Ritz Plaza, the Olivia, Stonehenge 18, 101 W. 15th St., Stonehenge Gardens and 10 Downing.
Massey Knakal Realty Services represented St. Luke’s in the transaction, and SL Green did not use a broker, GlobeSt.com reported.