NEW YORK CITY—Gaia Real Estate has purchased 144 condominium units at the Corinthian, a 57-story residential building located in the Murray Hill neighborhood of Manhattan at 330 E. 38th St. for $147 million.
Gaia plans to renovate, rebrand and sell the 144 units as a unique collection of high-end luxury condominiums designed by famed designer Andres Escobar. Redevelopment will include high-end design and finishes, along with unit combinations to create spacious and modern layouts.
Located between First and Second avenues, the Corinthian features 817 condominium apartments, a 24/7 doorman, concierge services and an extensive amenities package that has recently benefited from a comprehensive renovation program, placing it amongst Manhattan's elite full service properties.
In December 2013, Gaia acquired the entire 50th floor of the building and is currently nearing completion of a gut renovation, which will result in 15 distinguished luxury units.
Says Gaia's managing partner Danny Fishman, “New York is one of Gaia's primary markets. Previous knowledge of both the building and the area are poised to give Gaia and its investors a tremendous advantage in executing our business plan.”
“Gaia will continue to look for creative, out-of-the-box deals to maximize returns to Gaia and its investors,” adds managing partner Amir Yerushalmi.
Amenities in the building, spanning the entire 17,000 sq. ft. 4th floor, include; indoor swimming pool and spa, a gym and yoga studio, private park with jogging track, children's play room, golf simulator and outdoor sun deck.
Additional building amenities include a private square entrance with fountain, private terrace and adult-only lounges, valet parking and garage with direct underground access to the building's elevators and more.
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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.
