February 1, 2010 / 1:51 PM / 10 years ago

UPDATE 1-Equity Residential expands Manhattan holdings

NEW YORK, Feb 1 (Reuters) - Apartment landlord Equity Residential (EQR.N) will expand its Manhattan property holdings with three deals, the real estate investment trust said on Monday.

Equity Residential said it bought two Manhattan apartment towers and signed a contract for a third, for a combined purchase price of $475 million.

The deals to buy the 38-floor River Tower on Manhattan’s East side and 777 Sixth Avenue in the Chelsea neighborhood, closed last week. The company also signed an agreement to buy the 26-story Longacre House in midtown Manhattan and expects that deal to close by May 1.

After the three deals, Equity Residential will own and operate 14 properties in Manhattan with 3,825 apartments. Its holdings in the wider New York metropolitan area total more than 7,000 apartments, accounting for about 11 percent of this year’s projected net operating income. (Reporting by Nick Zieminski, editing by Gerald E. McCormick)

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