Archstone-Smith purchased Key West, a 207-unit, 13-story high-rise community in Manhattan, N.Y.

Representing a purchase price of $110 million, the acquisition is expected to be funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet the company’s long-term investment criteria, according to a press statement.

Key West is located on Columbus Avenue between 96th and 97th Streets in Manhattan’s exclusive Upper West Side neighborhood.The community features more than 13,000 square feet of on-site, ground-floor retail space occupied by a variety of businesses, including a delicatessen, dry cleaner and financial advisor.

Key West features one-, two- and three-bedroom apartments, along with an on-site fitness center, 24-hour concierge service, on-site parking garage, large rooftop terrace and beautifully landscaped courtyard. The community will operate under the company’s Archstone brand.

The largest public owner of apartments in Manhattan, Archstone-Smith now owns and operates a New York Metropolitan Area portfolio that includes 13 communities representing 4,115 units, including units under construction, and a total expected investment of more than $2 billion.

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
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription