Cortland, which will operate and manage the portfolio, paid $1.6 billion for it in November.

Stabilized vacancy of 5.1 percent is much lower than the market's overall 6.2 percent rate.

This will attract those in the life sciences, bioengineering law, financial and tech sectors, according to the developers.

The firm will target core U.S. markets.

The NYC tourism market is booming, with an estimated 64 million visitors last year.

The latest deal gives JRK more than 800 new units.

The French firm, which has its national headquarters currently at 1251 Avenue of the Americas, will relocate.

The multifamily property features 336 units.