On 23rd Street, apartment tower sells for $40M

Colorado firm scoops up the Milan

New York /
Jul.July 10, 2012 06:15 PM

The Milan, a residential building at 120 West 23rd Street between Sixth and Seventh avenues, has sold for $39.25 million, according to public records filed this afternoon. Aimco, a Colorado-based owner and operator of apartment buildings across the United States was listed as the purchaser.

Public records show the sale went through on June 26. Phone calls to Aimco were not immediately returned.

As The Real Deal reported, the Milan, which was owned by Milan Associates prior to the sale, was built in 1987 as a rental building, but had planned to go condominium. However, the building did not sell enough units in time for the condo offering plan to be declared effective.

According to PropertyShark, the 42-unit building totals 48,539 square feet. There are 43,139 square feet of residences and 5,400 square feet of retail space. Streeteasy.com shows a rental listing in the building that hit the market in May — a two-bedroom, 2.5-bathroom, 1,100-square-foot unit had an asking price of $4,400. The listing was no longer available as of May 26.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Building Trades Employers’ Association CEO Lou Colletti and City Planning Commissioner Chair Marisa Lago (iStock)
City bill would force general contractors to get licensed
City bill would force general contractors to get licensed
SL Green CEO Marc Holliday (Getty)
SL Green sees “explosive recovery” for NYC as tenants plan office return
SL Green sees “explosive recovery” for NYC as tenants plan office return
Vornado’s Steve Roth and 888 Seventh Ave (Getty, Google Maps, iStock)
Vornado sues Hongkun USA, seeking $1.1M in rent
Vornado sues Hongkun USA, seeking $1.1M in rent
Mauricio Umansky, Rainy Hake Austin and Robert Reffkin (Getty)
The Agency sues Compass for blocking exec from recruiting former colleagues
The Agency sues Compass for blocking exec from recruiting former colleagues
SmartRent's Lucas Haldeman and Fifth Wall's Brendan Wallace (iStock)
What SmartRent’s $2.2B SPAC means for multifamily
What SmartRent’s $2.2B SPAC means for multifamily
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...