NEW YORK CITY-Archstone-Smith acquired The Westmont, a 163-unit, 16-story high-rise in Manhattan for $87.8 million. The acquisition was funded mainly through tax-deferred proceeds from dispositions of apartment communities that no longer meet the company’s long-term investment criteria, and the assumption of $24.2 million of secured debt that will be paid off with the proceeds from the company’s recent convertible debt offering.

The Westmont is located on Columbus Ave. between 95th and 96th Streets in Manhattan’s Upper West Side neighborhood, known for its collection of height-restricted residential buildings, extensive shopping choices and world-class dining options. The community is one block from Central Park, and consists of studio, one-, two-, and three-bedroom apartments, and has more than 9,000 square feet of on-site, ground floor retail space occupied by a high-end wine retailer, delicatessen and gourmet food market.

Archstone-Smith’s holdings in the New York City metropolitan area consists of 3,908 units, including units under construction, and a total investment of about $1.9 billion. Archstone-Smith refused comment on the deal.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.