Archstone-Smith gains high-rise apartments

Archstone-Smith recently purchased two high-rise apartment communities in New York City, adding nearly 500 units to its Manhattan portfolio.

The total value of the transactions was $282.6 million.

The company acquired The Aston, a 266-unit community in Manhattan's Chelsea neighborhood, for $195 million, and The Foundry, a 222-unit community in Manhattan's Clinton neighborhood, for $87.6 million.

Built in 2004, The Aston is a 38-story community offering studio, one- and two-bedroom apartments, as well as a penthouse residence. Street-level retail tenants include Bank of America and HSBC, as well as a 57-space garage.

The Foundry is a 12-story community built in 2001 at the intersection of 10th Avenue and 55th Street. The property features studio, one- and two-bedroom apartments, along with a fitness center and club room.

Archstone-Smith owns and operates a portfolio of high-rise and garden apartment communities concentrated in select U.S. markets.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.