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Invesco Makes Further NYC Inroads with MF Buy

NEW YORK CITY-City property records say the 32-story Elektra rental apartment building is changing hands for $122.5 million, including $70 million in assumed debt.

By Paul Bubny | Updated on April 27, 2011

NEW YORK CITY-Invesco Real Estate on Tuesday said it had closed on the acquisition of the Elektra, a luxury rental apartment building at 290 Third Ave., on behalf of an institutional client. Invesco and HFF, which marketed the property on behalf of seller JP Morgan Investment Management Inc., did not disclose the price; city property records indicate that the 32-story tower changed hands for $122.5 million, including Invesco’s assumption of $70 million in existing financing. An Invesco spokesman declines to comment on earlier published reports which had said the deal was in contract for $125 million.

Todd Bassen, locally-based senior acquisitions director with Dallas-based Invesco Real Estate, says in a release that the 166-unit Elektra is the first multifamily property the company has owned in Manhattan since 2004. He says the acquisition is “a rare find with both market rate units and market rate units “exemplifies the top-quality assets we seek for our investors’ portfolio.”

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