Manhattan apartments change hands for $342 million

Archstone-Smith, one of the nation's largest apartment companies, recently announced the acquisition of The Gershwin, a 40-story, 550-unit high-rise apartment community in Manhattan, for $342 million.

Built in 1998, The Gershwin is located on 8th Avenue between 49th and 50th streets in Manhattan's Midtown West neighborhood. The community offers studio-, one- and two-bedroom apartments with amenities that include 24-hour concierge, a full-service health club, indoor swimming pool, sunbathing terrace, open-kitchen floor plans, tile floors and a 120-space on-site garage.

At the time of sale, The Gershwin's nearly 41,200 square feet of retail space was fully occupied with tenants that include The Palm Restaurant, Thalia Restaurant, a dry cleaner and the Food Emporium Supermarket.

With the completion of this acquisition, Archstone-Smith owns nine apartment communities in the New York City metropolitan area totaling $1.5 billion and 3,283 units.

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