Upper West Side Residential Towers Sell for Record-Breaking $400 M.
Al Barbarino April 24, 2013, 8 a.m.
A joint venture led by The Carlyle Group has sold two newly-developed residential towers on the Upper West Side for a reported $400 million to the California Public Employees’ Retirement System.
Completed in 2010, the The Aldyn and The Ashley, 38 and 23 stories-high, respectively, include a mix of rental and condominiums for a total of 345 units and a mixture of studio, one-, two-, three-and four-bedrooms that average roughly 1,000 square feet.
The Sacramento-based pension fund, also known as Calpers, made the purchase through Boston-based GID Investment Advisers LLC, its real estate manager for residential transactions.
“The Ashley and Aldyn provide GID an opportunity to expand our exposure in New York City in a single transaction,” said Bill Chiasson, senior vice president and director of eastern region acquisitions for GID, in a statement. “Manhattan is a market that has historically provided consistent revenue growth versus the national average and where valuations hold up better over time versus other core, U.S. markets.”
At nearly $1.2 million per unit, the transaction was the most expensive deal for more than 100 units on the Upper West Side since the 2007 purchase of The Apthorp, Bloomberg News noted.
Included in the deal is 12,000 square feet of retail space; a 230-car garage; and the LA PALESTRA, a 40,000-square-foot athletic club and spa offering state-of-the-art fitness equipment, indoor pool, game room, bowling alley, rock climbing wall, basketball court, golf simulator, squash court and spa service rooms.
The buildings are part of Riverside Center, an eight-acre site developed by Carlyle, Extell Development and other developers over the past decade. It’s part of the 80-acre Riverside South development, which broke ground more than two decades ago.
An HFF team led by Andrew Scandalios, Jose Cruz, Jeff Julien, Kevin O’Hearn and Matthew Lawton represented the seller of the luxury apartment towers, which are located along Riverside Boulevard. The commercial real estate intermediary and consulting firm made the announcement on Friday.