Bell sounds for $69m Columbia U. acquisition.

Grubb & Ellis Company announced that Vincent Carrega, Neil Helman, Paul Yager and Jason Meister of its New York office recently represented L&M Equity Partners in the sale of The Arbor, a 127-unit condominium building located in Riverdale to Columbia University for $69 million.

Located just minutes from Manhattan at 3260 Henry Hudson Parkway, The Arbor consists of approximately 172,000 rentable s/f with below-grade parking for 140 cars. Built as a high-end condominium project, the units have finishes that include stone countertops, cherry wood cabinets, marble baths, Watermark faucets, solid wood oak floors and oversized windows. Furthermore, the project has all the amenities associated with luxury condominiums.

As the property neared completion, the developer, aware of the changing residential market, wanted to explore the possibility of an outright sale of the property to a user and retained Grubb & Ellis to explore such an opportunity. After discussions with several users and a few long-term investors, Columbia University recognized this as an ideal opportunity to acquire a brand new, state-of-the-art housing facility at a fraction of what it would cost to reproduce in the immediate area of its campus. The property will be used for graduate student and faculty housing.

"This sale was a true win-win situation," Carrega said. "L&M constructed a building built to the highest standards in design and detail in one of the best neighborhoods in the City and was able to sell out the entire inventory of apartments in a single transaction with a blue chip buyer within days of completing construction. The fact that the property will be ready for Columbia for fall 2008 occupancy was an opportunity that the University just couldn't pass on. From a physical and geographic perspective, this was an opportunity that Columbia was all over. It's as if the building had been built just for them."

Helman added, "We presented L&M with the opportunity to sell 100% of its inventory in a single transaction instead of selling out over a lengthy period of time in a weak sales market. With Columbia's growth throughout upper Manhattan and the Bronx, they took advantage of this golden opportunity for their students and faculty. We were able to ink this deal while still in the construction phase. The timing could not have been better."