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JD Carlisle LLC and DLJ Real Estate Capital Partners LLC, co-developers of The Beatrice, Chelsea's preeminent high-end rental development located at 105 West 29th Street, have sold the luxury 301-unit property for $280 million.
Situated on the top 29 floors of the 54-story mixed-use tower, the residential portion of the building was purchased by Equity, one of the largest residential REITs in the United States. The rest of the building, including the 292-room Eventi Hotel and a 529-space garage, are not part of the sale. Additional terms of the deal were not disclosed.
"The sale of The Beatrice is testament to our development team's consistent ability to deliver premier properties of the highest caliber," Jules Demchick, chairman of JD Carlisle, said in a statement. "EQR recognizes the tremendous long-term value this proven property...