MEPT commits $100M to 35-story apartment complex in Manhattan

Multi-Employer Property Trust announced with its advisor, Bentall Kennedy, that it has committed more than $100 million in equity to develop a 35-story, 165-unit apartment complex in Manhattan.

The site is located at 309 Fifth Avenue between East 31st and 32nd Streets. Upon completion, the building will have 122,000 square feet, with 10,400 square feet committed to retail space. The apartment units will have stainless steel appliances, washer and dryers, nine-foot ceilings, personalized heating systems and hardwood floors. Many units will have views of the city landscape and the Empire State Building.

"New York is a target market for MEPT. On behalf of the Fund, we are also actively looking for multi-family development opportunities in other major markets across the U.S. MEPT has a project underway in Seattle and has development projects under consideration in Chicago, Minneapolis and Los Angeles," Marty Standiford, senior vice president of Bentall Kennedy, said in a statement.

David Antonelli, executive vice president at Bentall Kennedy, said this will be MEPT's fourth apartment complex in New York and expects rental demand there to increase in the near future, especially among 19-34 year-olds.