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.

***

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

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Announcing Inman Connect Now, our first fully digital event.Get Tickets×