Vroom! Mercedes House’s first two sections 100% leased

TRD New York /
Jun.June 18, 2013 03:00 PM

The first two phases of Two Trees Management’s zigzag-shaped Mercedes House development are now fully leased, a spokesperson for Two Trees told The Real Deal, representing some 700 units.

The first 222 units hit the block in 2011 and were leased within 90 days. The following 480 units came online last summer and are now fully occupied, according to the spokesperson.

Phase one has 20 studios, 146 one-bedrooms, four one-bedrooms with home office space and 52 two-bedrooms. In the second phase, there are 94 studios, 246 one-bedrooms, 39 one-bedrooms with home office space and 101 two-bedrooms.

In sum, the 30-story property at West 53rd Street and 11th Avenue contains 864 units. Dallas-based Invesco nabbed 162 of the rental units in a deal that closed this past February for $170 million, as previously reported. Two Trees had originally developed these units as condominiums.

A 628-square-foot, one-bedroom unit was asking $4,050 per month, according to StreetEasy. Meanwhile, a studio unit was priced at $2,800 per month, the website shows. —Zachary Kussin


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