NEW YORK CITY-New York City developer Ziel Feldman is in contract to acquire four Manhattan rental buildings, including the Astor on West 75th Street, for more than $600 million.
The transaction, which went into contact last week, involves a total of approximately 750 apartments, according to the Wall Street Journal. The four properties are part of a portfolio that was purchased in 2007 and 2013 by private investment firm Westbrook Partners for approximately $387 million.
In addition to the Astor, the portfolio includes a 17-story 1927 prewar building on Lexington Avenue and East 26th Street with 180 apartments and a modernist 1959 building next door that was converted from offices to rentals in the 1970s, the newspaper reports. The fourth property is the Metro, a 264-unit building on 53rd Street and Eighth Avenue. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
