NEW YORK CITY-After developing 520 W. 43rd St.—and calling it New Gotham—the Gotham Organization has sold the multifamily property to AEW. The 375-unit building was purchased for approximately $170 million, according to the New York Post.
AEW acquired the property on behalf of AEW Core Property Trust, an open-end core real estate fund. Gotham was represented by CBRE vice chairman Darcy Stacom and Bill Shanahan, along with Phil Leibowitz, EVP.
Built in 1998 by the Gotham Organization, the 34-story building is located in the Midtown West/Hell's Kitchen submarket, just north of Hudson Yards. According to the Post, the 80/20 project has six years left on its 421a 20-year property tax abatement.
“Gotham Organization had commenced a renovation program, bringing New Gotham up to the booming standards of this vibrant neighborhood,” says Stacom. “AEW is expected to work upon the exceptional foundation Gotham Organization has provided."
“AEW is excited about the potential of this exciting neighborhood adjacent to Hudson Yards and the opportunity to acquire this Class A building,” adds Dan Bradley, portfolio manager for AEW Core Property Trust. “We believe 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.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
