Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The Chelsea at 160 West 24th St., which was picked up by Townhouse Management and Pine Equity NY for $63 million three years ago, sells to foreign investors for $93 million. The joint venture had invested an additional $9 million in closing and renovation costs while converting the building into corporate apartments leased out to Marriott ExecuStay.

Also included in the arrangement with Berkshire Capital Group LLC, an affiliate of London real-estate investor CIT Group Plc, and Lend Lease Real Estate Investments Inc. is a small adjacent site—-167 West 23rd St. The 18-story Chelsea also features a 50-car garage and six stores on Seventh Avenue.

“The sale says a lot about the strength of the New York residential market, especially the Chelsea area, and the creditworthiness of our tenant,” points out Mitchel A. Maidman, Townhouse president. And Townhouse and Pine plan to continue along the same path finding a niche in the corporate housing environment.

Townhouse was repped by Maidman & Mittelman LLP and Fried Frank Harris Shriver & Jacobson. The purchasers were represented by Akin Grump Strauss Hauer & Feld LLP and King & Spalding LLP. Financing for the sale was provided by Credit Suisse First Boston, which was represented by Sidley Austin Brown & Wood LLP.

Last December, Townhouse and Pine completed construction on the Aurora, the 32-story mixed-use luxury apartment building at 554 Third Ave. at a cost of $65 million. That project features corporate housing and loft condominiums. Townhouse manages and owns more than 25 residential buildings having over 800 units here with rent rolls exceeding $15 million. It also operates over 40 parking facilities with its Manhattan Parking Group affiliate.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.