Real Estate News: Progress at 18-Story Building, Stonehenge Expands, $50 Million Duplex

165 East 66th Street (Google Maps)

Stonehenge has purchased The Hanley, a 150-unit rental building located at 165 East 66th Street (between Third and Lexington avenues) for about $128 million, Commercial Observer reports. This is officially Stonehenge’s seventh building on the Upper East Side, having most recently purchased 408 East 92nd Street for $115 million. According to The Real Deal, The Hanley’s previous owner, CIM Group, purchased the building for $200 million in 2019. “The sale’s discount can be attributed to a variety of factors, including elevated interest rates,” writes the real estate publication.

A $50 million duplex penthouse at the newly rebranded and renovated Surrey Hotel (20 East 76th Street) is about to hit the market, the Wall Street Journal reports. The 5,200 square foot apartment, the building’s most expensive unit, comes with three private terraces, and is one of fourteen residential units located above the hotel; the other thirteen have been spoken for, according to the developer, Reuben Brothers. “Residents of the condominium have access to the hotel’s spa and fitness center,” WSJ writes. “They also have priority access to elevators on the ground floor with a key fob, ensuring they get a private elevator with no hotel guests, Reuben said.”

Foundation work is underway at the site of 1122 Madison Avenue (at 84th Street), New York YIMBY reports. The former building was purchased in 2019 as part of a portfolio sale for $22.5 million. Once complete, the new building–which has an alternate address of 22 East 84th Street–will rise 18 stories and 210 feet, housing “22 condominium units with an average scope of 3,500 square feet,” according to the publication. The project is being developed by Legion Investment Group and Nahla Capital.

A new development low-rise building at 1105 Lexington Avenue (between 77th and 78th streets) has been purchased for $11 million, according to @TradedNY. The site of the new building was previously home to two four-story row houses which housed a number of retail businesses with apartments above them. The new development has combined the two buildings and added two floors. According to City Realty, the new building will come with a retail space on the ground floor and will have ten apartments above it.