AEW has acquired New Gotham, a 375-unit apartment building on the Far West Side, from the Gotham Organization and its investor AIG Affordable Housing, representatives of the seller announced today.
The acquisition price was approximately $170 million, according to the New York Post, which first reported the sale. Built in 1998, the 34-story New Gotham is located at 520 West 43rd Street, just north of Hudson Yards.
“AEW is excited about the potential of this exciting neighborhood adjacent to Hudson Yards and the opportunity to acquire this Class A building,” said Dan Bradley, portfolio manager for AEW Core Property Trust, in a prepared statement. “We believe that the property will continue to increase in value as the Hudson Yards development moves forward, creating a brand new city within a city that is truly a live, work and play destination.”
Darcy Stacom and Paul Leibowitz of CBRE represented the seller in the sale alongside colleague Bill Shanahan.
Built as an 80/20 project, New Gotham has six years remaining on its 421-a property tax abatement, according to the Post. The building offers apartments ranging in size from studios to two-bedrooms, with rents between $2,495 and $4,450 per month, according to StreetEasy.
“Gotham Organization had commenced a renovation program, bringing New Gotham up to the booming standards of this vibrant neighborhood,” added Ms. Stacom in the statement. “AEW is expected to work upon the exceptional foundation Gotham Organization has provided.”