November 1, 2013

BlueGate Sells the Wellington for $240 Million

BlueGate Partners is pleased to announce the successful sale of The Wellington. Representing GID Investment Advisors, BlueGate brokered a deal with O’Connor Capital Partners who purchased the property for $240 million.

The Wellington is a 115-unit luxury high-rise apartment community located at 200 East 62nd Street in New York, New York. It represents a unique institutional quality, Class A apartment building of tremendous prestige in Manhattan’s highly desirable Upper East Side neighborhood. This 30-story building, originally constructed in 1967 and renovated in 2008, consists of one to five-bedroom residences equipped with condominium quality finishes and a spacious average unit size of 1,698 square feet. Residents have access to numerous on-site amenities including a state-of-the art fitness center, underground parking, 24-hour concierge/door attendant and roof terrace. The Wellington is located near the finest shopping, attractions and dining that New York City has to offer and is conveniently one block north of an entrance to the 59th Street subway station which is the transfer point for six subway lines.

BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.

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