Manhattan Apartment Building Sold for $82.5 Million

Stonehenge Investment and Wraith Capital Group acquired the 133-unit property in Manhattan.

Updated on Sept. 30, 2026 in Commercial

Bold vector editorial illustration of a Manhattan apartment building facade featuring window patterns and fire escapes. — Stonehenge Investment and Wraith Capital Group acquired the 133-unit Manhattan apartment building at 60 East 12th Street for $82.5 million. AI Illustration. Upload story photo >

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Alcion Ventures and Slate Property Group have sold 60 East 12th Street in Manhattan for $82.5 million. The sale comes as Alcion Ventures works to wind down its operations and liquidate assets.

Why it matters

The transaction represents a significant price drop from the $107.5 million the property was purchased for in 2019. This sale reflects the ongoing asset liquidation process as the investment firm Alcion Ventures concludes its operations.

The 13-story building, constructed in 1962, features 133 residential units and 5,100 square feet of ground-level retail space. The sale price reflects a 23.3 percent discount from the building's 2019 acquisition cost.

The players

Alcion Ventures

A Boston-based investment firm currently winding down its operations and liquidating its real estate portfolio.

Slate Property Group

A New York-based real estate investment and development firm that held a 9 percent stake in the property.

Stonehenge Investment

A private real estate company that manages a significant portfolio of residential assets in New York City.

Wraith Capital Group

An investment firm that partnered with Stonehenge Investment to acquire the Manhattan property.

The details

The property was sold by the joint venture 60 East 12th Street Owner to buyers Stonehenge Investment and Wraith Capital Group. No brokers participated in the off-market transaction for the building, which includes a ground-level parking garage and is expected to remain residential.

The building was originally constructed in 1962.
Alcion Ventures was founded in 2005.
Alcion and Slate purchased the property for $107.5 million in 2019.
The building was sold to Stonehenge and Wraith Capital in September 2026.

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Culture Shift

This sale follows the broader trend of institutional liquidations driven by the post-2022 decline in commercial and multi-family real estate valuations in New York City. The transaction mirrors a period where properties bought at peak 2019 levels are being offloaded to adjust for current market realities.

Current residents of the building are expected to see no change in housing status as the site is intended to remain residential. The shift in ownership will likely result in updated management protocols for the 133-unit property.

The takeaway

Large-scale real estate liquidations often occur when investment firms decide to conclude their business cycles. Investors should monitor how these asset sales impact local residential management and long-term rental market stability.