Equity Residential buys London House.

London House, a 155-unit apartment building at 420 E. 80th Street on the Upper East Side, has just sold for $62 million to Chicago-based Equity Residential, the largest residential REIT in the country.

Eastern Consolidated's Eric M. Anton and Ronald A. Solarz, both executive directors, represented the seller, the third generation of the same family that built the 137,238 s/f Yorkville property in 1961. The Anton/Solarz team also procured the buyer.

"Equity Residential was very focused and made an offer during the early stages of our marketing process," said Anton. "Because they were able to close in two weeks time, and pay a good price for the building, the sellers negotiated a non-contingent contract quickly. I must hand it to the attorneys on both sides of this transaction for working so well together in such an expedited manner."

"We are seeing tremendous demand for these types of well located apartment houses from institutional buyers," said Ronald A. Solarz.

Fifteen of the London House's units have large terraces or gardens and the building also offers residents a 30-car subterranean parking garage. Plus, the 12-story property features spectacular city views to the north overlooking low-lying townhouses.

Dennis Sugrue Esq. and Ben London Esq., of Herrick Feinstein, represented the seller and Steven Ehrlich, of DLA Piper Rudnick, acted on behalf of the buyer.