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NEW YORK CITY-Archstone-Smith has inked a deal to acquire the Gershwin, a 550-unit high-rise apartment, for approximately $342 million. The 40-story site is located on Eighth Avenue between 49th and 50th streets in Midtown West.

The community offers studio-, one- and two-bedroom apartments with amenities that include 24-hour concierge, health club, indoor swimming pool, sunbathing terrace and a 120-space on-site garage. Nearly 41,200 sf of retail space is fully occupied with tenants that include the Palm Restaurant, Thalia Restaurant, a dry cleaner and the Food Emporium. Archstone did not release the name of the seller, but according to city records, the owner was Resnick Eighth Avenue Associates LLC. Douglas Harmon of Eastdil brokered the transaction.

R. Scot Sellers, chairman and chief executive officer of Archstone, says the New York City metropolitan area currently represents approximately 13% of the firm's national portfolio, based on total expected investment of operating and development communities, including joint venture developments. Archstone made its first Mahattan acquisition in 2002.