Luxury Boutique Manhattan Property Lands $50M
- Jan 05, 2018
Assa Properties has sold of a luxury residential building in Midtown Manhattan to Abraham Leifer of Aview Equities. The 23-unit property, which came with a 7,600-square-foot retail component, traded for $50 million.
Assa purchased the building in 2013, as part of a two-asset, $60 million portfolio. The company retained the other structure at 15 W. 55th St, which is a 10-story, 31-unit, mixed-use asset anchored by fashion retailer Domenico Vacca. After the purchase, both buildings underwent an $18 million complete revitalization program, which resulted in the repositioning of the retail space into multi-level retail suites, a complete renovation of the residential units and upgrade of the common spaces and building systems. The improvements increased the portfolio’s occupancy level from 25 percent to nearly full.
“Since we purchased this portfolio, Assa Properties has made the investment to bring the properties to their current first-class state, matching the premium location in the center of Fifth Avenue’s luxury retail corridor,” Assa Founder Solly Assa said in a prepared statement.
The recently outfitted building blends modern and pre-war elements and features a series of amenities such as:
- Large floorplans
- 10-foot ceiling heights
- Marble fireplaces
- Stainless steel appliances
- Fitness studio
- 24-hour doorman
Located at 19 W. 55th St. in Midtown Manhattan, the asset is bounded by various entertainment options, retailers, bars and restaurants, The Museum of Modern Art, Carnegie Hall, Saks Fifth Avenue, Radio City Music Hall and Rockefeller Center are also nearby. Multiple subway and bus lines provide easy access throughout the entire area.
Black Bear Asset Management represented the seller in transaction. In another recent deal, Black Bear assisted Greystone Development with securing preferred equity for 164 West 74th St.
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