Instrata at Mercedes House Fully Leased
If you need a anecdote for the strength of multifamily demand in Manhattan, consider that Invesco's 162-unit Instrata at Mercedes House has leased up to full occupancy in just 10 months.
By Dees Stribling, Contributing Editor
New York—Demand for rental housing is brisk in Manhattan, as evidenced by yet another leaseup in a fairly short period. According Invesco Real Estate, its Instrata at Mercedes House at 550 W. 54th St. is now fully leased after opening less than a year ago – after only 10 months, in fact.
Consisting of 162 rental apartments on the top 11 floors of the Mercedes House, Instrata at Mercedes House has been marketed by Invesco under Instrata Lifestyle Residences umbrella, which offers condo-caliber design and finishes in rental units. The units had in fact been slated to be condos by the original developer, Brooklyn-based Two Trees.
Dallas-based Invesco bought top floors of the building, which was designed by Mexican architecture Enrique Norton, for $170 million in late 2012. All together, the property includes 692 rental apartments, along with a Mercedes Benz showroom and car service center on the first floor.
Common amenities of the Invesco property include the 80,000-square-foot Mercedes Club, which features a 30,000-square-foot fitness facility, wifi cafe, media room and lounge area with fireplace. There are also two outdoor decks that include a swimming pool, cabanas, lounge areas with fire pits, an outdoor movie theater featuring a built-in-seating sound system, a putting green, and a bocce court.
Nancy Packes, president of Nancy Packes Signature Marketing Services, which leased Instrata, tells MHN that the building is also technologically and aesthetically advanced, features that have helped attract tenants.
“It’s a metal-clad building whose panels are computer generated,” she notes.
