Equity Residential is making good on its plan to withdraw from the city’s heavily supplied rental market.

Greystar has agreed to pay $240M for 800 Sixth Ave., the New York Post reports, placing the 36-story property under contract. Equity bought the building in 2013 when it acquired the $16B Archstone-Smith portfolio from Lehman Bros. with partner AvalonBay.

The building, known as the Archstone Chelsea, has 266 apartments. Equity has been shopping it around since September. It is also looking to sell a 12-story building at 505 West 54th St. The REIT wants to shed its holdings on Manhattan’s West Side, where significant supply is forcing rental prices down.

Former CEO David Neithercut said during an earnings call last July that selling one of the buildings is “an opportunity to address the negative impact in our New York City growth rates.”

Last year, Equity sold an apartment building at 101 West End Ave. to a group including Dermot, USAA and Dutch pension fund PGGM for $416M.

Cushman & Wakefield’s Douglas Harmon, Adam Spies and Marcella Fasulo marketed the Sixth Avenue property for Equity.