Stellar Management has closed on its acquisition of The Paris New York for $146 million. Stellar purchased the property from Crescent Heights.
Located at 752 West End Avenue, the luxury, Art Deco-inspired rental residential building – originally the Hotel Paris – offers studios to four-bedroom units, each finished with top of the line furnishings and amenities. The 200,000 s/f, 24-story property consists of approximately 175 residential apartments. Currently, there are 10 units available for rent.
“The Paris New York is a wonderful addition to our residential portfolio,” said Matthew Lembo, a principal at Stellar Management. “We plan to maintain this as an iconic, high-end Upper West Side rental property.”
The building features a 16,000 s/f fitness facility – West End Fitness NYC – with a separate entrance, a 24-hour attended lobby and on-site maintenance. Select-apartments showcase views of the New York City skyline and/or Hudson River. Additionally, several improvements such as lobby renovations and amenity additions are planned for the building.
Including The Paris New York, Stellar Management’s Upper West Side residential portfolio totals more than 2,000 rental apartments and two million square feet.
Senior Managing Director Adam Spies of Eastdil Secured was the broker for both the buyer and seller.