Mercedes House Speeds Ahead: Two Trees Sold Those Condos to Invesco Because It Was the Best Deal
admin Oct. 9, 2012, 11:10 a.m.
For more than a year now, ever since the very first rental units at the monolithic, magnificent Mercedes House came on the market, Two Trees Management has been debating what to do with the rest of its zig-zagging luxury building on the Far West Side of Manhattan. The massive block-long project was a gamble for the Brooklyn firm, about as big and brash and far away from its home turf in Dumbo as one could get (without going to Godforbid, N.J.).
Mercedes House was built in two phases, a swooping base and a connected tower. There would be two sets of rentals, and, the cherry on top, a contingent of condos crowning the 1.3-million-square-foot building, with better finishes and excellent views, on floors 22 through 32. “Everything was high end,” Two Trees managing director Asher Abehsera told The Observer late last week.
He had called in part to set the record straight about the sale of those condos units in a block to Invesco, the Atlanta-based investment management group, that was widely reported last week.