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**Benchmark Real Estate Acquires Upper West Side Property for $66M After 53-Year Hold**
Benchmark Real Estate has acquired a historic Upper West Side rental apartment building located at 250 West 85th Street in Manhattan. The 103-year-old property, previously held by affiliates of Heller Realty since 1972, changed hands in an off-market deal for $66 million, according to the New York Business Journal.
To support the acquisition and planned renovations, Benchmark secured $37.3 million in limited partner equity. The equity raise was arranged by a Walker & Dunlop Capital Markets team led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz, and Jackson Irwin. The capital was provided by an institutional investor.
“This deal required speed and certainty,” said Mo Beler. “Benchmark moved decisively off-market, and the institutional investor delivered fast, definitive capital. Our role was to align high-conviction equity with a clear value-creation plan—and get it done on an expedited timeline.”
The property includes 121 residential units and 4,400 square feet of fully leased retail space. With this acquisition, Benchmark continues to expand its footprint as an established owner/operator in New York City.
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