FETNER PROPERTIES CONCLUDES SALE OF REMAINING INTEREST IN TWO PROPERTIES TO EMPIRE STATE REALTY TRUST

Proceeds from transaction will be deployed at a greater return on new Fetner projects in pipeline

NEW YORK, April 1, 2024 /PRNewswire/ -- Fetner Properties announces the conclusion of a sale of the remaining interest in two buildings where Empire State Realty Trust purchased the majority interest in December of 2021. The buildings, The Victory at 10th Avenue and 41st Street, and 345 East 94th Street have been fully sold. Proceeds will be used for a greater return on Fetner's new properties in Manhattan and Long Island City.

"We're delighted to conclude our sale and partnership with ESRT and wish them luck on their sole ownership of these two quality projects. We will now look to continue to expand our pipeline and our portfolio," said Hal Fetner, President, and CEO of Fetner Properties.

"Currently, we are in contract to acquire two new assets on the Upper East Side, in addition to the three exciting projects we have in development. The Bold, a 27-story residential building in the Court Square neighborhood of Long Island City and its sister building, The Italic, which soars 49 stories and has a major placement on the Long Island City skyline. The two buildings will bring a combined 527 residences to the area."

Fetner's newest development in Manhattan is located at 266 West 96^th Street. a 23-story residential building on Manhattan's Upper West Side. The 235-foot-tall structure will deliver the Upper West Side's first new rental apartments in almost 20 years.

All three Fetner properties have top amenity packages, and all have affordable housing components. "We are proud to bring beautiful, affordable homes to New York City," added Fetner. "That the two properties are now sold gives us even greater flexibility to expand our footprint and make an impact on the city and its residents."

Fetner Properties
Fetner Properties is a dynamic player in an ever-changing multifamily market; a full-service, fully integrated real estate company specializing in developing, owning, and managing residential properties, with three new projects in the pipeline consisting of 800 units in Long Island City and Manhattan, Fetner is always on the forefront of the residential real estate industry. At Fetner Properties, residents are neighbors, not tenants, and every decision is made with them in mind. Our company has been creating communities in New York City since 1955, through three generations of family ownership.

SOURCE Fetner Properties, Inc.

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