CBRE snaps up $245M Chelsea apartments

Investment management arm has been active buying in NYC

160 West 24th street with Greystar’s Bob Faith and CBRE Investment’s Chuck Leitner (Streeteasy, Greystar, CBREIM)
160 West 24th street with Greystar’s Bob Faith and CBRE Investment’s Chuck Leitner (Streeteasy, Greystar, CBREIM)

CBRE’s investment arm bought an apartment building in Chelsea for $245 million.

CBRE Investment Management bought the 18-story building at 160 West 24th Street from Greystar Real Estate Partners, The Real Deal has learned.

The purchase price works out to $1.2 million per unit for the 204-unit, free-market building.

A representative for Greystar declined to comment and a spokesperson for CBRE IM could not be immediately reachedt. Greystar is staying on as the manager of the building, which the Charleston-based fund manager put on the market in the fall with Eastdil Secured.

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Greystar, led by CEO Bob Faith, bought the 1989 building in 2016 for $211.3 million and renovated large parts of the property, including the lobby, a new amenity space and 70 percent of the apartments. CBRE’s investment arm, meanwhile, has been active — particularly in the last-mile logistics space. The company last month signed a deal to buy an Amazon-leased warehouse in Red Hook for $330 million.

The deal marked the $147 billion investment fund’s second major purchase of an Amazon-leased facility in Brooklyn this year. The firm paid $230 million in April for a pair of East New York warehouses operated by the e-commerce giant.