Alcion and Slate sell 60 East 12th Street for $82.5 million, 23.3% below 2019 basis

According to a source familiar with the deal, a joint venture of Alcion Ventures and Slate Property Group has sold the 133-unit apartment building at 60 East 12th Street to Stonehenge Investment and Wraith Capital Group for $82.5 million, 23.3 percent below the $107.5 million the sponsors paid Heller Realty in an off-market trade in 2019.

Across its 133 units, the sale values the 13-story, 1962-vintage building between Broadway and Fourth Avenue at roughly $620,000 a door against a 2019 basis of about $808,000, a gap near $188,000 a unit and $25 million on the asset. The seller entity, 60 East 12th Street Owner, carried Alcion at a 91 percent stake and Slate at 9 percent; on the stated stakes, about $22.8 million of that gap lands on Alcion's side, though the account does not say how the joint venture allocates a loss between its partners.

No broker worked either side of the sale, per the source, which suggests the number reflects what one buyer group would pay rather than what a long marketing process could extract. According to the source, the income stream runs from studios through three-bedrooms plus 5,100 square feet of ground-floor retail that appears entirely occupied by an attached Metropolis parking garage; that retail income is a garage's rent, and an owner underwriting the apartments will price it as such.

Stonehenge, a New York City multifamily manager and investor, is a plausible long-term holder, though the account does not state the pair's plans beyond an expectation that the building stays residential and identifies Wraith Capital Group only as the second buyer.

The seller's direction is not in doubt. Alcion is winding down and liquidating its assets, per the source, and the sale of 60 East 12th Street is one line in a sell-down that has already taken in several residential and mixed-use properties in Brooklyn. The firm was founded in Boston in 2005 and has run value-add and opportunistic strategies across the U.S. A wind-down raises the same question the DWS liquidation of RREEF Property Trust put in front of buyers when it sent seven properties and 1.4 million square feet to market on a 24-month clock: what assets are actually worth when the seller's clock, not the market's, sets the timing.

Last year Alcion and Golub & Company put One East Delaware, a 37-story apartment tower, on the market after buying it for $146 million in 2016, as The Real Deal reported; in 2024 the same partnership lost the office tower at 300 South Wacker Drive to Deutsche Bank after having bought it for $155 million in 2017. A sponsor that lists one building and has already handed another back to a lender is not underwriting a long hold, an inference from the record rather than a stated plan, but it explains why a Manhattan building would trade at a number written down from its 2019 basis.

Manhattan's investment sales have been running ahead of 2025's dollar volume, with first-half 2026 activity at $10.173 billion putting the borough on a $20.346 billion annual pace, even as BKREA argues that the count of properties sold, tracked since 1984, is the number that separates a busier market from pricier deals. This transaction registers on the count and subtracts from the dollars: the same 133 units that last changed hands at $107.5 million have now traded at $82.5 million.

Loss sales are not scarce in this cycle. Fortress bought 40 buildings the tape had written off, and its real estate equity head has said San Francisco multifamily was acquired at roughly half of pre-COVID pricing, which left the recovery trade finished and the liquidity question open in that market. Set against that half-price mark, the 23.3 percent haircut near Union Square answers a different question: what a sponsor accepts to close a wind-down, not what a buyer demands to enter a market it has written off. The source attributes this sale to the wind-down, not a lender, and the buyer is a New York multifamily operator rather than an opportunistic platform underwriting a bottom.

The apartment bid has become an income underwrite rather than a scarcity call, with patient capital positioned to clear the 2028-29 supply gap before core buyers return in size. The number on 60 East 12th Street is being set off the rent roll, and none of it pays for scarcity that has not arrived. Whether $620,000 a door becomes the reference for vintage stock between Broadway and Fourth Avenue, or a waypoint on the way to a lower one, is what the rest of the wind-down will settle.

The next sale from the same book is the comp worth watching, whether it is one of the Brooklyn residential properties or the Chicago tower now listed with Golub. For now the tape carries $82.5 million, or $620,000 a door for 133 apartments a short walk from Union Square, and an owner whose remaining exits have yet to price.