Equity Residential recently completed a deal to buy two luxury residential towers in New York City last week and agreed to acquire a third from Macklowe Properties Inc. The deal was worth for a total of $475 million.

Equity Residential completed the deal to buy the River Tower in Manhattan and 777 Sixth Avenue in the Chelsea last week. The company also signed an agreement to buy the 26-story Longacre House in midtown Manhattan.

River Tower is a 38-story apartment and was constructed in 1982. The tower has a total of 323 apartment units. 777 Sixth Avenue is a 32-story tower located at Sixth and 27th Street in Chelsea and was constructed in 2002. This tower consists of 294 apartment units and 10,281 square feet of retail space.

"We are very pleased to add these premier properties, at prices well below replacement cost, to our New York portfolio," said David J. Neithercut, Equity Residential's President and CEO.

Equity Residential, Sam Zell's real estate investment trust, is the largest publicly traded U. S. apartment owner. Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U. S. growth markets.

The completion of these deals will enhance Equity Residential's properties. Now the company will own and operate 14 properties in Manhattan with 3,825 apartments. Now the company's New York Metro Area concentration is reported approximately 11% of budgeted 2010 net operating income.