Denver-based REIT buys Gershwin for $342M

Denver-based Archstone-Smith reportedly bought last week the 40-story, 550-unit Gershwin apartment building on Eighth Avenue between 49th and 50th streets. The REIT paid Jack Resnick & Sons $342 million for the building, and it plans to purchase two other apartment buildings soon, including the 34-story, 270-unit Marlborough House on Second Avenue in Murray Hill. more [Post]