total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

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

A luxury Upper West Side rental apartment tower known as Aire was quietly sold to the established Gotham Organization and Carlyle Group, a Realty Check investigation has learned. This confirms that new energy will be born in the multifamily investment sales market.

The 43-story, 310-unit building at 200 West 67th Street behind Lincoln Center sold for $265 million in a secret transaction last week. Industry sources said the acquisition came after a fierce bidding war.

The seller, A&R Kalimian Realty, faced an approximately $200 million mortgage expiry and decided not to seek new financing. However, Aire did not actually default on its debts, as was erroneously reported.

Gotham’s acquisition includes a fully leased retail portion along Amsterdam Avenue. This is a welcome boost for the city’s apartment sales market, whose sales value has declined to $9.7 billion in 2023. Ariel Property Advisors reports a 52% decrease from 2022..

CBRE’s “Queen of Skyscrapers” Darcy Stacomb and associate Alana Besson are believed to have brokered the Ayer deal. However, CBRE declined to confirm the sale, and Stacom did not respond to calls and emails seeking comment.


The tower was sold for $265 million in a secret deal last week. Steve Cuozzo

The gleaming glass building includes a wellness center for tenants and a private half-acre park. Its plight has been under scrutiny since last summer when a $195.8 million loan from JPMorgan was given a special repayment.

The tower was developed by Karimian, who opened it in 2013 after his family partnership collapsed due to a feud between the heirs of founder Elias Karimian. At the beginning of 2020, it was only about 70% rented, but last year it returned to almost full occupancy.

but Crain’s reported in January Only 87% of the debt was covered by rental income.

The acquisition marks a departure of sorts for Gotham, which typically develops its own buildings. That includes his Gotham West on 11th Street, home to his award-winning food hall Gotham West Market. The company’s latest projects include Gotham Point in Long Island City and Suffolk on the Lower East Side.

Gotham declined to comment.

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp