Gaia, Acro pay $75M for Murray Hill rental

Developers to convert 97-unit building the Montrose into condos

TRD New York /
Feb.February 02, 2015 05:15 PM

Gaia Real Estate and Acro Group closed on the $75 million acquisition of a Murray Hill rental building.

The developers plan to convert the Montrose, a 97-unit rental building at 308 East 38th Street, into condominiums, Commercial Real Estate Direct reported. The seller was UBS Realty Investors, which bought the building for $59.2 million in 2006.

“This new project is in line with Gaia’s strategy to add value by upgrading properties in order to deliver enhanced returns to our investors,” Danny Fishman, Gaia’s managing partner, said in a statement. The condos will fall into the so-called affordable luxury category with “reasonable price points,” the statement said.

Nearby, Gaia recently converted rental units into condos at the Corinthian, located at 330 East 38th Street. Gaia paid $147 million to the Spitzer family in May for the 144 units. [CRE News– E.B. Solomont


Related Articles

arrow_forward_ios
108 Leonard Street with Nicole Kidman and Keith Urban (Google Maps, Getty)

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion
Gale Brewer proposes women’s jail at Lincoln Correctional Facility (Credit: Getty Images and iStock)

Gale Brewer wants to turn “prime, trophy real estate” into women’s jail

Gale Brewer wants to turn “prime, trophy real estate” into women’s jail
Lalezarian Properties principal Kevin Lalezarian and 509 Third Avenue in Manhattan

Lalezarian to build 35-story mixed-use tower in Murray Hill

Lalezarian to build 35-story mixed-use tower in Murray Hill
David Bistricer and 21 West 86th Street (Credit: Studio Scrivo, Google Maps)

Clipper Equity plans $204M conversion of UWS rental

Clipper Equity plans $204M conversion of UWS rental
Centurion shooting for $403M sellout with UWS condo conversion

Centurion shooting for $403M sellout with UWS condo conversion

Centurion shooting for $403M sellout with UWS condo conversion
Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos

Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos

Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos
GreenOak, Slate secure financing for $90M UWS condo conversion

GreenOak, Slate secure financing for $90M UWS condo conversion

GreenOak, Slate secure financing for $90M UWS condo conversion
Louis Greco’s plan to stack condos on top of 285 Schermerhorn finally moves forward

Louis Greco’s plan to stack condos on top of 285 Schermerhorn finally moves forward

Louis Greco’s plan to stack condos on top of 285 Schermerhorn finally moves forward
arrow_forward_ios

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

Loading...