Global private equity firm The Carlyle Group and Extell Development Company today announced that they have agreed to purchase a large area of land and three apartment buildings on Manhattan's Upper West Side from a consortium of Hong Kong investors and Donald Trump for $1.76 billion. The transaction is slated to close in the third or fourth quarter of 2005.
Carlyle and Extell have also entered into a contractual agreement to allow Equity Residential to acquire the three apartment buildings upon closing.
The transaction includes a tract of land, which is bounded by 59th and 65th Streets and West End Avenue and Riverside Boulevard, and three existing apartment buildings. The undeveloped land can accommodate the future delivery of more than ten buildings.
Since 1993, Carlyle Realty Partners has made investments with total capitalization of $8.1 billion.
Source: The Carlyle Group