Also included in the arrangement with Berkshire Capital Group LLC, an affiliate of London real-estate investor CIT Group Plc, and Lend Lease Real Estate Investments Inc. is a small adjacent site—-167 West 23rd St. The 18-story Chelsea also features a 50-car garage and six stores on Seventh Avenue.
"The sale says a lot about the strength of the New York residential market, especially the Chelsea area, and the creditworthiness of our tenant," points out Mitchel A. Maidman, Townhouse president. And Townhouse and Pine plan to continue along the same path finding a niche in the corporate housing environment.
Townhouse was repped by Maidman & Mittelman LLP and Fried Frank Harris Shriver & Jacobson. The purchasers were represented by Akin Grump Strauss Hauer & Feld LLP and King & Spalding LLP. Financing for the sale was provided by Credit Suisse First Boston, which was represented by Sidley Austin Brown & Wood LLP.
Last December, Townhouse and Pine completed construction on the Aurora, the 32-story mixed-use luxury apartment building at 554 Third Ave. at a cost of $65 million. That project features corporate housing and loft condominiums. Townhouse manages and owns more than 25 residential buildings having over 800 units here with rent rolls exceeding $15 million. It also operates over 40 parking facilities with its Manhattan Parking Group affiliate.
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