(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
NEW YORK CITY-Two Cooper Square, a luxury rental tower in Manhattan’s up-and-coming NoHo neighborhood, has traded for $134 million, city records show. The long-term leasehold in the 142-unit building has been purchased by Kuwati-based Wafra Investment Advisory, Inc. from New York City-based Atlantic Development Group.
A source close to the deal tells GlobeSt.com that investor beat out major apartment REITs and pension funds on the buy. The building—constructed in 2010—features amenities such as a rooftop pool, a fitness center and private screening rooms. Rents in the building range from $3,750 for studios, $6,685 for one-bedroom units and $9,335 two-bedrooms, according to the company website.
The transaction is a sign that the area is continuing to evolve from a gritty punk rock haven into a hotbed of commercial real estate activity. In November, luxury hotelier and residential developer Andre Balazs Properties acquired the Cooper Square Hotel at 25 Cooper Square from Connecticut-based real estate investment firm Westport Capital Partners LLC for $91 million.
Doug Harmon, senior managing director at Eastdil Secured, advised the seller on the deal.
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