Amstar Acquires Hudson Yards Rental Tower for $129M

Denver-based Amstar Group is acquiring a Hudson Yards luxury rental building, which appears to be its first venture into New York’s multifamily market.

Amstar agreed to buy the 33-story, 225-unit Henry Hall property at 515 West 38th Street for $129 million, Bloomberg reported. The deal works out to $573,000 per unit.

The seller is a joint venture of Shorenstein Investment Advisers and Dreamscape Companies. Amstar, which declined comment to the publication, obtained $71 million in acquisition financing from U.S. Bancorp.

A JLL team including Rob Hinckley, Jeffrey Julien and Steven Binswanger arranged the sale, according to the Commercial Observer. JLL Capital Markets’ Geoff Goldstein and Christopher Pratt arranged the financing.

A few blocks from the Hudson Yards core, Henry Hall features studios, one- and two-bedroom apartments; the building website includes a one-bedroom listing for $3,700 and a two-bedroom listing for $8,000. There’s more than 12,000 square feet of ground-floor retail space and residential amenities including a landscaped terrace, a fitness center and a music studio.

Michael Fascitelli’s Imperial Companies developed the tower, which opened in 2017. That year, MetLife provided a $134 million loan to refinance the building ahead of completion, a financing package that included a $30 million mortgage, consolidated with $103.4 million in previous loans.

Ownership also benefits from a 421a tax abatement, which is in place through 2039.

Amstar’s portfolio lists only one asset in New York, an industrial logistics center acquired near the JFK Airport in 2019. Stretching into the tri-state, it acquired a residential property in Bloomfield, New Jersey, in 2018.

In October 2024, industrial giant Prologis sold two warehouses in Chicago’s southwest suburbs to Amstar for a combined $106.5 million.

Elsewhere around Hudson Yards, Josh Gotlub and Meyer Orbach’s GO Residential REIT recently announced the acquisition of three multifamily properties, including two in the neighborhood. The firm is spending $230 million to buy 411 West 35th Street and 444 West 35th Street from Maddd Equities and Joy Construction.