Equity Residential put the 38-story rental at 420 E. 54th St. up for sale earlier this year.
Equity Residential has found a buyer for its massive rental on East 54th Street. Slate Property Group and GreenOak Real Estateare in contract to buy RiverTower for $390 million, according to The Real Deal, which first reported back in April that the 38-story building was up for grabs.
If the sale is completed, it would be the biggest deal so far for Slate Property Group, which has been developing rental and condo buildings outside Manhattan. Earlier this week, the firm partnered with Adam America Real Estate and Vanke to acquire a development site in downtown Brooklyn for $50 million, where it will erect a condo tower.
It’s unclear if the developers plan to maintain RiverTower, at 420 E. 54th St., as a rental or convert it into condos.
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