Thank you for sharing!

Your article was successfully shared with the contacts you provided.
1 East. First Street 11 E. First Street, also 285 Bowery/ Image provided by PropertyShark

NEW YORK CITY—AvalonBay Communities has agreed to sell interests in five Manhattan multifamily complexes to a joint venture with an institutional client of the real estate investment manager Invesco Real Estate. AvalonBay will retain a 20% interest and serve as the property manager of the assets.

The transaction includes the contribution of its fee ownership of Avalon Morningside Park (One Morningside Drive), Avalon Bowery Place I (11 E. 1st St.), and Avalon Bowery Place II (22 E. 1st St.), and its leasehold interest in Avalon West Chelsea (282 Eleventh Ave.) and AVA High Line (525 W. 29th St.) The five properties comprise 1,301 apartments and approximately 58,000 square feet of retail space located in Manhattan. The aggregate asset valuation is approximately $760 million and is expected to close before the end of the year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.