Two Trees Closes on $170M Condo Sale to Invesco

(Save the date: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26.)

NEW YORK CITY-Two Trees Management Co. said Tuesday it had closed on the sale of 162 apartments on the top 10 floors of its Mercedes House mixed-use project to Dallas-based Invesco Real Estate. The $170-million deal was first reported last fall. The sale was handled directly between both companies, according to a release.

Invesco will begin marketing the units, originally developed as condominiums, early next month as rentals. Nancy Packes will be handling the rentals for the 162 luxury units, while Bozzuto Group will be responsible for their management.

The campaign will mark the third and final phase of the rollout at the 30-story Mercedes House, which began in 2011 with the release of 222 units that were fully leased within 90 days. Phase two saw 490 units open last year; they're currently 78% leased, according to a release.

Its distinctive ziggurat shape provided by architect Enrique Norten of Ten Arquetectos, Mercedes House at 550 W. 54th St. also holds the city's flagship Mercedes-House dealership and the 80,000-square-foot Mercedes Club fitness center. “Mercedes House is one of the most successful residential developments of the past several years, and we look forward to seeing Invesco prosper,” says Asher Abehsera, managing director, Two Trees Development Co., in a release. Separately, Invesco and the Milestone Group on Tuesday traded another multifamily property arcoss the Hudson River, the Juliana in Hoboken, NJ, to AEW Capital Management in a $67-million deal.