UDR to Buy Manhattan Apartments From Moinian for $325 Million

UDR Inc., the third-largest publicly traded U.S. apartment owner, agreed to buy a downtown Manhattan apartment tower owned by the Moinian Group for about $325 million, expanding its foothold in the New York market.

The 507-unit Dwell95 will give UDR 1,916 apartments in the borough, the Highlands Ranch, Colorado-based real estate investment trust said today in a statement. The 22-story building at 95 Wall St. was home to JPMorgan Chase & Co. before it was acquired by Moinian in 2006 and converted to apartments two years later, according to Real Capital Analytics Inc.