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**Benchmark Real Estate Acquires Historic Upper West Side Property for $66M**
Benchmark Real Estate has acquired a 103-year-old rental apartment property located at 250 W. 85th Street in Manhattan’s Upper West Side. The property, which had been held by the same ownership for over five decades, was purchased for $66 million, according to the New York Business Journal.
The 121-unit residential property also includes 4,400 square feet of fully leased retail space. It had previously been owned by affiliates of Heller Realty since 1972.
To support the acquisition and planned renovations, a team from Walker & Dunlop Capital Markets—led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz, and Jackson Irwin—arranged $37.3 million in limited partner equity on behalf of Benchmark. The capital was provided by an institutional investor.
“This deal required speed and certainty,” said 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.”
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