UPDATED, 6:00 p.m., Nov. 15: Invesco Real Estate bought the School of Visual Arts dormitory building in Kips Bay from a partnership led by Magnum Real Estate Group and Winter Properties for $174 million, according to property records filed with the city Tuesday.
Magnum and Winter Properties partnered in 2013 to buy the site at 340 East 24th Street for $32.3 million from the nonprofit International Center for the Disabled. The companies then developed the 14-story, 146,000-square-foot dormitory that was designed by Ismael Leyva Architects.
Dallas-based Invesco has been expanding its real estate holdings in New York City since 2011. The company paid $112 million for a Soho condominium at 139 Spring Street in January. Last year, it bought an 80 percent stake in a mixed-use building at 131-137 Spring Street from SL Green.
Winter Properties, headed by David Winter and David Millstone, is the real estate investment arm of Standard Industries. The company is a related investment business to Standard Industries.
Eastdil Secured represented the sellers. Representatives for Magnum, Winter Properties and Invesco could not be immediately reached for comment.
Correction: A previous version of this story referred to 40 North Properties as an owner and developer of the property. It is Winter Properties.