September 14, 2016 Comments Off on JV Closes on $112M Partial Buy of NYC’s Apthorp Views: 317 National News, New York News, Northeast

JV Closes on $112M Partial Buy of NYC’s Apthorp

Thor Equities and Imperial Cos. acquired 70 units of the 163-unit Apthorp on Manhattan’s Upper West Side. The 93 remaining units at 390 West End Ave. are already-sold condominiums. The new ownership, which acquired the asset for $112 million from Ares Management, plans to rent out 10 of the units at market rate, upon vacancy. The remaining 60 units will be converted into for-sale condominiums.

Hall Oster and Robert Knakal of Cushman & Wakefield represented Ares Management.

The 70 rental units represent the last gasp of a conversion process from the mid-2000s. At the time, the 108-year-old building had been purchased by Africa Israel for $426 million, and failed in the attempt to go 100% condo. Ares Management took over the remaining rental units, and stabilized the building.

Read More at Commercial Observer

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