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At Mercedes House, Two Trees sells off 10 floors for $170 million
Two Trees, whose Domino Sugar factory project is stalled, is liquidating the top 10 floors of its 32-story Mercedes House on the Far West Side in a $170 million off-market deal with the Dallas-based Invesco, sources told Crain’s.
Two Trees had originally set those floors aside for 162 residential condos; while construction is still underway, the firm has decided to back out of the $600 million building’s final phase, over worries that marketing could take as long as two years. “This is an expedited route to achieve our exit plan with mitigated risk,” Asher Abehsera, general manager of residential for Two Trees, said.
Two Trees began marketing the first round of units — 222 of them in total — last year with success. The firm leased all of its initial units in just 90 days, seeing price approaching $3,000 a month for studios, $5,000 for one bedrooms and $8,000 for two bedrooms. The building’s second 470-unit phase went online early this year.
Besides offering luxury residential units, Mercedes House, located at 11th Avenue between West 53rd and West 54th streets, and designed by architect Enrique Norten, is home to a new Mercedes Benz showroom and car service center on its ground floor. [Crain’s] — Christopher Cameron