The Real Deal New York

Invesco’s Instrata at Mercedes House 100 percent leased

January 07, 2014 02:55PM

Invesco Real Estate’s Instrata at Mercedes House is 100 percent leased after 10 months on the market. The 162 luxury apartment rentals at 550 West 54th Street are located on the Mercedes House’s top 11 floors and were the first product to be marketed under the Instrata Lifestyle Residences umbrella.

The units include one-, two-, three-bedroom and penthouse units. Many include private terraces with Hudson River views, while the penthouses have private roof cabanas. Residents also have access to the 80,000-square-foot Mercedes Club, which includes a 30,000-square-foot gym, swimming pool, outdoor movie theater, putting green and bocce court.

Invesco purchased the condominium units atop the 1.3 million-square-foot, 974-unit Mercedes House for $170 million in February. The development project, which was built in two phases, brought the first 222-unit portion to the market in April 2011. A bulk sale to Invesco removed the risk and hassle of selling each of the top 162 units individually, the Wall Street Journal reported at the time.

Sister properties include Instrata NoMad at 10 East 29th Street, Instrata Gramercy at 290 Third Avenue and Instrata Brooklyn Heights at 75 Clinton Street. — Julie Strickland