Archstone-Smith gains high-rise apartments

Buys 2 buildings in New York City

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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 ...