Real-estate investment trust UDR paid $630 million in a joint venture with MetLife for 710 apartments in five new buildings along Columbus Avenue on the Upper West Side yesterday, where average rents are $3,924.
A contract was signed for the project, known as Columbus Square, around Thanksgiving. It marks the fifth Manhattan purchase UDR has made since the Denver-based company rolled into town last year.
The sellers, the Chetrit brothers and Larry Gluck’s Stellar Management, were represented by Douglas Harmon of Eastdil Secured.
Chetrit and Gluck will retain more than 400,000 square feet of retail that includes Whole Foods and Target.
