P
GIM Real Estate sold a Gramercy Park apartment complex to Canvas Investment Partners for a nine-figure sum, despite taking a loss on the deal. The 210-220 E. 22nd Street property was purchased by Robert Morgenstern's Canvas for $104.5 million, according to a deed reported by Crain's New York. This sale comes after PGIM acquired the complex in 2015 for $123 million.

    Los Angeles-based Tokyu Land US provided financing of $63 million for the purchase. A JLL team led by Jeffrey Julien and Rob Hinckley brokered the deal for PGIM, which is the investment management arm of Prudential Financial. The complex consists of two buildings with 82 studio units, 75 one-bedrooms, and eight three-bedrooms across roughly 205,000 square feet.

    Approximately half of the units have been renovated, featuring vaulted ceilings, granite countertops, and stainless steel appliances. Rents range from $3,000 for a studio to nearly $10,000 for larger units. The buildings offer amenities such as an attended lobby, fitness center, and laundry facilities on every floor.

    Gramercy Park is one of the most supply-constrained submarkets in New York City, according to JLL's Rob Hinckley. However, New York City rents have slid from record highs earlier this year, with the borough's median rent dropping to $4,200 in September. Canvas has made news recently for selling several Manhattan properties, including four Chelsea buildings for $23 million in 2024.