Investment manager AEW has purchased the apartment building New Gotham at 520 West 43rd Street.
According to published reports, the company paid $170 million for the property, which was among the first luxury apartment towers to blaze a trail into Manhattan’s West Side when it opened in 1998.
Developed by the Gotham Organization, the 375-unit luxury rental building has rents ranging from $2,495 for a studio to $4,450 for a two-bedroom apartment.
“AEW is excited about the potential of this exciting neighborhood adjacent to Hudson Yards and the opportunity to acquire this Class A building,” said Dan Bradley, portfolio manager for AEW Core Property Trust.
“We believe that the property will continue to increase in value as the Hudson Yards development moves forward, creating a brand new city within a city that is truly a live, work and play destination.”
CBRE’s Darcy Stacom and Paul Leibowitz, along with Bill Shanahan, represented the Gotham Organization in the sale. AEW acquired the property on behalf of AEW Core Property Trust (U.S.), an open-end core real estate fund.
“Gotham Organization had commenced a renovation program, bringing New Gotham up to the booming standards of this vibrant neighborhood,” said Stacom.
“AEW is expected to work upon the exceptional foundation Gotham Organization has provided.”