Kalimian sells Lincoln Square luxury tower for $265M

Carlyle, Gotham Org picking up Aire on the Upper West Side

Kalimian Sells Lincoln Square Luxury Tower Aire for $265M

From left: A&R Kalimian Realty managing principal Albert Kalimian, Gotham Organization chair Joel Picket, and Carlyle Group CEO Harvey Schwartz along with 200 West 67th Street (Getty, Gotham Organization, Carlyle Group, Google Maps)

Albert Kalimian is learning how to breathe with no Aire.

A&R Kalimian Realty sold The Aire on the Upper West Side to the Gotham Organization and Carlyle Group for $265 million, the New York Post reported. The sale of the Upper West Side multifamily tower comes a month after Kalimian put the building, at 200 West 67th Street, up for sale.

The sale of the 310-unit luxury property works out to nearly $855,000 per unit. One-bedroom units at the property rent for upwards of $5,000, but rental income only covered 87 percent of borrowing costs for Kalimian, according to a Moody’s report. The 43-story property was almost fully occupied at the end of 2022.

A $194 million mortgage on the property matured in November, though there are conflicting reports on whether Kalimian technically defaulted. Along with lagging renewal rates, the expiration of a 10-year tax abatement also piled on to issues for the developer, who was once paying as little as $1.1 million on an annual tax property bill before it rose to $6.6 million bill. 

Kalimian purchased the property from the Red Cross for $72.3 million in 2004, opening the rental building six years later. The property, which also uses the address 150 Amsterdam Avenue, also includes retail units, one of which is occupied by a Polestar electric car dealership.

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CBRE’s Darcy Stacom and Alana Bassen reportedly brokered the deal.

Elsewhere in the city, Kalimian has been in a major feud with his nephew, Eagle Point Properties principal Justin Amirian. Amirian sued Kalimian over the management of several properties in Soho and the West Village; Amirian’s mother is a plaintiff.

New York City saw multifamily sales drop last year by 52 percent from 2022, according to Ariel Property Advisors. The period, which saw a little over $7 billion in deals, was beat only by 2020 for less investment in the last decade.

Holden Walter-Warner