NEW YORK CITY-Atlanta-based Invesco and its partner, Adellco, have signed an agreement to purchase the Gramercy Park residential building. They have agreed to purchase the Elektra, a 166-unit apartment building at 290 Third Ave. situated between 22nd and 23rd streets, from J.P. Morgan Investment Management Fund for an amount of $125 million.
J.P. Morgan purchased the 32-story building for $92.5 million in 2006. In December, the high-rise building was 97% occupied. For the full story, go to Crain's New York Business.
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