New York-based Gaia Real Estate Investments has acquired The Montrose, a 97-unit, luxury, boutique multi-housing high-rise in the Murray Hill neighborhood of Manhattan, for $75 million. HFF marketed the property on behalf of the seller. Additionally, HFF arranged acquisition financing for the buyer.
“This new project is in line with Gaia’s strategy to add value by upgrading properties in order to deliver enhanced returns to our investors,” Danny Fishman, Gaia’s managing partner, said in a statement.
The Montrose is located at 308 East 38th Street between 1st and 2nd Avenues in Murray Hill, six blocks from Midtown Manhattan and Grand Central Terminal and four blocks from the United Nations building. Twenty percent of Zagat’s top 50 restaurants in New York City are walking distance from the property, according to the seller.
Built in 2001, the 22-story building is 100 percent leased and features a 24-hour attendant, lobby with slate floors and an indoor waterfall, rooftop sundeck with views of the Manhattan skyline and East River, a modern fitness center and fully-equipped tenant lounge with billiards and flat screen TV.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios, Eric Anton and Jose Cruz, managing director Jeffrey Julien and director Rob Hinckley. The debt placement team was represented by managing director Steven Klein and associate director Christopher Peck.
“There is a lack of moderately-priced condominiums in Manhattan,” Scandalios said. “The Montrose represents the ideal product and location for this moderate price range serving end-users that will enjoy the proximity to the Midtown CBD, nearby hospitals, Grand Central and the United Nations. Additionally, HFF was able to structure a capital stack that is both accretive and flexible for the buyer.”
Rendering courtesy of Gaia Real Estate Investments