Upper West Side luxury rental tower Aire sells for $265M – saimmalik

The Higher West Aspect luxurious rental condo tower often called Aire was quietly bought to the well-established Gotham Group and Carlyle Group, Realty Examine has discovered – affirming new power within the investment-sale marketplace for multifamily properties.

The 43-story, 310-unit constructing at 200 W. 67th St. behind Lincoln Middle fetched a wholesome $265 million in a hush-hush transaction final week. Business sources mentioned the deal  adopted a strong bidding struggle.

The vendor, A&R Kalimian Realty, confronted expiration of roughly $200 million in mortgage loans and determined to not search new financing. Nevertheless, Aire didn’t go into precise default as was erroneously reported.

Gotham’s buy features a absolutely leased retail portion alongside Amsterdam Avenue. It marks a great addition to the marketplace for gross sales of condo buildings in the town, which noticed quantity fall to $9.7 billion in 2023 – a 52 percent drop from 2022, as reported by Ariel Property Advisors.

It’s believed that CBRE “Skyscraper Queen” Darcy Stacom and affiliate Alana Besson brokered the Aire transaction. Nevertheless, CBRE declined to verify a sale and Stacom didn’t return calls and e-mails looking for remark.

The tower fetched $265 million in a hush-hush transaction final week. Steve Cuozzo

The gleaming, glass-clad constructing boasts a tenants’ wellness middle and a non-public, half-acre park. Its plight was carefully watched ever since a $195.8 million mortgage from J. P. Morgan went to particular servicing final summer season.

Kalimian — a household partnership wracked by feuding among the many heirs of founder Elias Kalimian — developed the tower and opened it in 2013. It was solely about 70 p.c rented in early 2020 however recovered to near-full standing final yr.

However Crain’s reported in January that lease revenue coated solely 87 p.c of the debt.

The acquisition is one thing of a departure for Gotham, which often develops its personal buildings. They embrace Gotham West on Eleventh Avenue, which is dwelling to award-winning meals corridor Gotham West Market. The corporate’s most up-to-date initiatives embrace Gotham Point in Long Island City and The Suffolk on the Decrease East Aspect.

Gotham declined to remark.

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