AEW buys West 43rd St. rental building for $170M

New York /
Nov.November 27, 2013 08:38 AM

AEW Capital Management has paid about $170 million for New Gotham, a Hell’s Kitchen rental building developed by the Gotham Organization. The 34-story building at 520 West 43rd Street was built in 1998 and has 375 units.

Gotham tapped a CBRE team of Darcy Stacom, Paul Leibowitz and Bill Shanahan to market the property, which has six years left on its 421a tax abatement, the New York Post reported.

“It just made business sense,” Gotham president David Picket told the Post about the sale, “and it’s nice to have some powder.”

AEW closed the deal on Nov. 15, according to the newspaper. Current listings in the building range from a $2,495 studio to a $4,450 two-bedroom apartment.

In July, AEW paid Sitt Asset Management $63 million for 240 West 40th Street, a 160,000-square-foot Midtown West building that is the headquarters of fashion label Donna Karan New York, as The Real Deal reported. [NYP, 1st item] Hiten Samtani 


Related Articles

arrow_forward_ios
Gotham Organization Chairman Joel Picket with the proposed development at 130 Felix Street. (Getty, 130 Felix)
These projects just beat the rezoning deadline
These projects just beat the rezoning deadline
Gotham Organization Chairman Joel Picket with the proposed development at 130 Felix Street. (Gotham, 130 Felix)
Gotham Org’s Fort Greene development faces headwinds
Gotham Org’s Fort Greene development faces headwinds
60 Norfolk Street with Gotham Organization Chairman Joel Picket and CEO David Picket (Gotham/Dattner Architects)
Gotham Org lands more loans for Lower East Side development
Gotham Org lands more loans for Lower East Side development
Gotham's Joel Pickett and Gotham West. (Gotham)
Gotham faces rent overcharge lawsuit in Hell’s Kitchen
Gotham faces rent overcharge lawsuit in Hell’s Kitchen
(Photo illustration by The Real Deal)
This office redeveloper is going all in
This office redeveloper is going all in
Gotham Organization CEO David L. Picket and renderings of the (Photos via Gotham; FXCollaborative)
Brooklynites sue Landmarks over “devastating” 265-foot project
Brooklynites sue Landmarks over “devastating” 265-foot project
60 Norfolk Street and 1607 Surf Avenue (Credit: Google Maps)
The top 10 biggest real estate projects coming to NYC
The top 10 biggest real estate projects coming to NYC
315 West 33rd Street, SL Green's Marc Holliday and Brookfield's Ric Clark (Credit: SL Green, Getty Images)
Brookfield fund buying SL Green’s 315 West 33rd Street for $447M
Brookfield fund buying SL Green’s 315 West 33rd Street for $447M
arrow_forward_ios

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

Loading...