The Real Deal New York

Invesco closes on purchase of 32-story Gramercy apartment building

April 26, 2011 04:11PM

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Invesco closed on the purchase of the Elektra, a 32-story, 166-unit apartment building at 290 Third Avenue near 23rd Street with 5,200 square feet of ground-floor retail space, the company announced today. In March, The Real Deal reported that Invesco and its operating partner, Adellco, were in contract to buy the building for $125 million from a partnership comprised of JPMorgan and Adellco. The closing price was undisclosed. Sources told The Real Deal that the deal was closed largely between Invesco and Adellco, without much assistance from Holliday Fenoglio Fowler, the brokerage that marketed the property. Invesco, whose global real estate fund counts $36.5 billion in investments, also owns the Brill Building at 1619 Broadway, 100-104 Fifth Avenue and 512 Broadway. “We are very happy to add the Elektra, a rare find with both market-rate units and market-rate taxes, to our New York City portfolio,” said Todd Bassen, senior acquisitions director at Invesco Real Estate, in a prepared statement. “This is the first multi-family property we’ve owned in Manhattan since 2004 and it meets Invesco’s objective of acquiring in top-performing markets.” TRD

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