Invesco Sells Manhattan Apartment Tower for $381M
The firm sold the 396-unit luxury high-rise community after nearly a decade of ownership.
Instrata NoMad. Image via Google Street View
Eight years after purchasing a 396-unit apartment tower in Manhattan’s NoMad neighborhood, investment management fund Invesco has closed on the sale of luxury high-rise Instrata NoMad to Global Holdings Management Group for $380.6 million, according to public records.
The buyer financed the purchase with a $250 million loan from Wells Fargo Bank. Invesco purchased the property back in late 2012 for $300 million from New York-based commercial real estate firm Rose Associates. Invesco renamed the property, at the time known as Madison Belvedere, to Instrata NoMad.
Earlier this week, a joint venture of Stonehenge NYC, A-Rod Corp. and Modlin Group acquired a 114-unit apartment building in Midtown East for $66.2 million.
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Built in 1998, Instrata NoMad is situated at 10 E. 29th St., between Fifth and Madison Avenues. The 50-story residential tower houses apartments ranging from studio to two bedrooms that average 741 square feet in size. The community is currently 98 percent occupied, according to Yardi Matrix data. A recent market report from Corcoran found that the Manhattan vacancy rate has dropped slightly, while rents continued to increase.
Global Holdings Management Group also owns 1250 Broadway, a 39-story office tower nearby that the company acquired for $565 million from Israeli billionaire Eyal Ofer in 2016. Global Holdings is comprised of several real estate asset management and investment advisory companies based in the U.S., the U.K. and Europe. The entity has a portfolio of more than 10 million square feet in the residential, commercial and hotel real estate sectors.
In December, Invesco broke ground on a luxury mixed-use development in San Diego that is slated to be completed in 2021. The property, Alexan Gallerie, is a 284-unit community that will include 8,000 square feet of office space and more than 3,000 square feet of ground-floor retail.
