Alcion, Slate Sell Union Square Rental $25M Below 2019 Price
The 2019 ACRIS record carries a $67M Heitman loan on the building, 81% of the new reported price.
Alcion Ventures and Slate Property Group sold 60 East 12th Street, a 133-unit rental on the Union Square and Greenwich Village line, for $82.5 million around Sept. 30, according to Commercial Observer, about $25 million below the $107.5 million reported for 2019.
Why it matters
The 13-story building, built in 1962, went to Stonehenge Investment and Wraith Capital Group, per Commercial Observer. Alcion held about 91% and is winding down its fund, so the price is a forced-seller data point for Manhattan rentals bought near the 2019 peak. The Real Deal also reported the sale, though its page was blocked to our fetch, so the figures here rest on Commercial Observer. The deed had not reached the city register as of publication, so we could not confirm the 2026 price from ACRIS.
The numbers
The reported prices work out to a $25.0 million cut, or 23.3%, and $620,301 a unit now versus $808,271 in 2019. The 2019 loan record shows 60 East 12th Owner, LLC, c/o Alcion Ventures, borrowing $67 million from Heitman Credit Acquisition VII on Aug. 15, 2019. That loan equals about 81% of the new price, leaving $15.5 million above it, though we do not know its current balance. One caution: the 2019 deed records $44,792,000, not $107.5 million, so the 2019 figure is press-reported and the deed amount should not be read as the price.
What’s next
Watch ACRIS for the 2026 deed, which should show the recorded price and any new acquisition loan from the buyers. For developers and lenders, the open question is whether other 2019-vintage Manhattan rentals trade at similar cuts. A comparable sale of a different building is covered in our Extell 110 East 55th Street report, and more is on the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Public recordACRIS AL&R 2019082200211007, dated Aug. 15, 2019 and recorded Sept. 20, 2019, secures $67,000,000 on 60 East 12th Street (block 557, lot 17). The borrower is 60 East 12th Owner, LLC, c/o Alcion Ventures LP of Boston, and the lender is Heitman Credit Acquisition VII, LLC. The $82.5M price reported for the 2026 sale is $15.5M above that loan amount, and the loan equals about 81% of the new price. We do not know the current balance.View the record on a836-acris.nyc.gov
- Public recordACRIS deed 2019082200211002, dated Aug. 15, 2019, conveys the building to 60 East 12th Owner LLC, c/o Slate Property Group, from five LLCs. The document amount is $44,792,000, not the $107.5M that press reports as the 2019 price, so the recorded deed consideration does not match the press figure. The $25M gap below is computed from the press numbers, and the deed figure should not be read as the purchase price.View the record on a836-acris.nyc.gov
- Our dataOur math from the reported prices: $107.5M minus $82.5M is $25.0M, or 23.3% below the 2019 price. Across 133 units that is $620,301 a unit in 2026 versus $808,271 in 2019, a drop of about $187,970 a unit.View the record on commercialobserver.com
Sources
- Commercial ObserverAlcion Ventures and Slate sale of 60 East 12th Street: $82.5M, 133 units, buyers Stonehenge and Wraith, prior price $107.5M
- The Real DealAlcion, Slate take discount to sell Union Square rentals (cited as reported; page blocked to our fetch)
- NYC ACRIS, deed document 20190822002110022019 deed, 60 East 12th Street (block 557, lot 17), recorded consideration $44,792,000, to 60 East 12th Owner LLC c/o Slate Property Group
- NYC ACRIS, AL&R document 2019082200211007Assignment of leases and rents, $67,000,000, 60 East 12th Owner, LLC c/o Alcion Ventures LP to Heitman Credit Acquisition VII, LLC