The Real Deal New York

West 57th Street multi-family building trades for $42.5M in joint investment

December 13, 2012 09:30AM

A 102-unit apartment building near Columbus Circle has traded for $42.5 million, the New York Real Estate Journal reported. Imperium Capital, a New York-based real estate investment and development firm, and Bronstein Properties, a New York City-based real estate investor, acquired the building, which is located at 309 West 57th Street, in a joint venture.

This is the first Midtown investment from Imperium, which in the past has purchased One Soho Square, at 103 Prince Street, which houses the Soho Apple store, and  a 740,000-square-foot office complex in Hudson Square.

The 75,000-square-foot 309 West 57th Street building includes the Providence NYC club, which is leased for another seven years.

“This is a prime Manhattan location close to Time Warner Center and near a number of new luxury residential developments, attracting buyers from all over the world. It is also a prime location adjacent to a number of publishing, media and advertising corporate headquarters,” Samuel Schneider, managing partner of Imperium Capital, said. [NYREJ]Christopher Cameron