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

Colorado firm scoops up the Milan
By Zachary Kussin | July 10, 2012 06:15PM

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.