Two Trees sells condominium portion of Mercedes House for $170M to Invesco

Dallas-based Invesco continues NYC surge

New York /
Feb.February 11, 2013 09:00 AM

Two Trees Management has sold the 162 condominium units at the zigzag luxury residential development Mercedes House to Invesco Real Estate for $170 million, the Wall Street Journal reported.

The 1.3 million-square-foot, 874-unit Building On West 53rd Street at 11th Avenue was built in two phases; the first 16-story, 222 rental unit phase hit the market in April 2011, while the 490 units in the second phase that began renting last year are now close to 80 percent leased, Asher Abehsera, general manager at Two Trees, told the Journal. The second phase also contained high-end condominiums.

Two Trees had hoped to sell these condos — located on the top 10 floors of the Mercedes House — for $1,200 to $1,250 per square foot, which would net the developer $185 million for the 162 units. But a bulk sale to Invesco removes the risk and hassle of selling each condo individually, Abehsera told the Journal. “By selling the condos wholesale,” he said, “you’re expediting your exit.”

The Dallas-based Invesco has been on something of a buying spree in New York City, and is planning to do $1.5 billion worth of deals this year, as The Real Deal previously reported. [WSJ]  –Hiten Samtani


Related Articles

arrow_forward_ios
Two Trees' Jed Walentas with rendering of 346 Kent Avenue (Michael McWeeney, SHoP Architects, James Corner Field Operations, Getty)
Two Trees snags $364M for Domino Sugar resi project
Two Trees snags $364M for Domino Sugar resi project
Invesco's Marty Flanagan and 550 West 54th Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Invesco, Douglas Elliman)
Invesco moves to boot penthouse tenant at Mercedes House
Invesco moves to boot penthouse tenant at Mercedes House
Pacific Oak’s Keith Hall and Savanna’s Christoper Schlank with 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
From left: Vorea Group’s Peter Papamichael, Turnbridge Equities’ Andrew Joblon and Chetrit Group’s Joseph Chetrit
Ranking New York’s most active developers
Ranking New York’s most active developers
Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Jed Walentas and renderings of the proposed project (River Ring, Getty)
Council strikes deal on Two Trees’ River Ring in Williamsburg
Council strikes deal on Two Trees’ River Ring in Williamsburg
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
arrow_forward_ios

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

Loading...