AgentIndustry News

Stellar Management adds iconic building to residential portfolio

NYC real estate firm buys Upper West Side residential building for $146 million
  • The 200,000-square-foot, 24-story property consists of approximately 175 residential apartments.
  • There are currently 10 units available for rent, according to Matthew Lembo, a principal at Stellar Management.
  • Several improvements such as lobby renovations and amenity additions are planned for the building.
  • Including The Paris New York, Stellar Management’s Upper West Side residential portfolio totals more than 2,000 rental apartments and two million square feet.

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Stellar Management, one of New York City’s premier owners and operators of residential and commercial real estate, announced on Jan. 19 that it has closed on its acquisition of The Paris New York for $146 million. Stellar purchased the property from Crescent Heights. Located at 752 West End Avenue, the luxury, Art Deco-inspired rental residential building -- originally the Hotel Paris -- offers studios to four-bedroom units finished with top-of-the line furnishings and amenities. The 200,000-square-foot, 24-story property consists of approximately 175 residential apartments. There are currently 10 units available for rent, according to Matthew Lembo, a principal at Stellar Management. Lembo considers The Paris New York “a wonderful addition to our residential portfolio" and says Stellar plans "to maintain this as an iconic, high-end Upper West Side rental property.” The building features a 16,000-square-foot fitness facility – West End Fitness NYC –with a se...