Alex Rodriguez lands $66.25M NYC apartment complex
Ex-MLB star A-Rod and partners paid $707 per square foot
Former MLB superstar-turned-real estate developer Alex Rodriguez announced his first acquisition of a New York City apartment complex on Friday.
Rodriguez’s investment firm, A-Rod Corp., partnered to buy a 114-unit residential apartment building in the Midtown East neighborhood, according to a press release. The property cost about $66.25 million, or $707 per square foot.
Rodriguez partnered with Ofer Yardeni of real estate firm Stonehenge NYC and Adam Modlin of Modlin Group on the deal. Stonehenge NYC will manage the budget and business plan for the building, which will be renamed Stonehenge 51.
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“Stonehenge 51 is a great compliment to the investment strategy I have established for myself as an investor in real estate over the past 20+ years,” Rodriguez said in a statement. “With Adam and Ofer as my partners, we have an all-star team that has enjoyed an enviable track record in owning and managing Manhattan rental apartments for more than two decades.”
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The apartment building was formerly known as Allen House. Under the new management structure, Stonehenge 51 will offer rental periods of as little as six months and fully furnished units.
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Rodriguez and his partners plan to buy $1 billion worth of real estate properties, real estate outlet The Real Deal reported.
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The highest-earning player in MLB history by salary, Rodriguez made his first real estate investment in 2003. Through A-Rod Corp, he has invested in various industries, including the health and wellness sector and media.
Rodriguez develops UFC-branded gyms, operates the Energy Fitness brand in Mexico and partnered with Chris Gronkowski on the “Iceshaker” water bottle, among several other ventures. He is reportedly interested in buying a stake in the New York Mets.