A partnership between exclusive investment collective REALM; real estate private equity and asset management firm Delshah Capital; and real estate investment company A.M. Properties recently announced the acquisition of CitySpire — an iconic staple of the Manhattan, N.Y., skyline dating back to the skyscraper construction boom of the 1980s.

Originally opened in 1988, the high-rise was extensively renovated in 2004 and, most recently, in 2021. According to statements regarding the sale, the tower has undergone roughly $22 million in capital improvements, which means the property does not require near-term capital expenditures, making for durable cash flow and attractive investor returns. It was reportedly sold at 98% occupancy.

Located on the edge of Central Park at 156 W. 56th St., CitySpire rises 75 stories into the Midtown skyline and incorporates 359,347 square feet of Manhattan office space, in addition to first-floor retail and 50 floors of residential property. Amenities include controlled access; a recently renovated lobby; a 190-space, subterranean parking; a fitness center; and a yoga studio. Features include renovated common areas; high-end finishes; and a tenant roster sporting names such as American footwear company Caleres, law firm Windels Marx Lane & Mittendorf, LLP and the headquarters of the New York Road Runners group.

“CitySpire represents the type of opportunity we seek in today’s market,” said Travis King, founder and CEO of REALM. “While capital markets remain cautious on office, we see strong fundamentals in premier Midtown assets, where leasing activity and occupancy continue to outperform. CitySpire reflects our focus on highly selective investments with strong downside protection and long-term upside.”

The class-A asset is located in one of Manhattan’s most sought-after office corridors that’s adjacent to Central Park with strong transit access and exceptional amenities.

Originally designed by Chicago-based architect Helmut Jahn of Murphy/Jahn, the tower sports a powerful, broad-shouldered figure and an illuminated, domed top, which references the great dome roof of the City Center for The Performing Arts on 55^th Street, the air rights of which were used in the CitySpire project.