{"id":1004087683,"date":"2013-12-02T07:21:31","date_gmt":"2013-12-02T15:21:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087683"},"modified":"2022-12-08T18:30:11","modified_gmt":"2022-12-09T02:30:11","slug":"aew-buys-375-unit-apartment-building-in-nyc-from-gotham-organization","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aew-buys-375-unit-apartment-building-in-nyc-from-gotham-organization\/","title":{"rendered":"AEW Buys 375-Unit Apartment Building in NYC from Gotham Organization"},"content":{"rendered":"<p><i>By Gail Kalinoski, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/New-Gotham-520W43rd.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087685\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aew-buys-375-unit-apartment-building-in-nyc-from-gotham-organization\/new-gotham-520w43rd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/New-Gotham-520W43rd.jpg\" data-orig-size=\"336,443\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"New Gotham-520W43rd\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/New-Gotham-520W43rd.jpg?w=336\" class=\"alignleft size-medium wp-image-1004087685\" alt=\"New Gotham-520W43rd\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/New-Gotham-520W43rd.jpg\" width=\"227\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/New-Gotham-520W43rd.jpg 336w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/New-Gotham-520W43rd.jpg?resize=228,300 228w\" sizes=\"auto, (max-width: 227px) 100vw, 227px\" \/><\/a><\/p>\n<p>AEW Capital Management has acquired New Gotham, a 375-unit rental building at 520 W. 43<sup>rd<\/sup> St. on Manhattan\u2019s West Side from the Gotham Organization and its investor member AIG Affordable Housing for a reported $170 million.<\/p>\n<p>AEW purchased the multi-family building in the Midtown West\/Hell\u2019s Kitchen submarket on behalf of AEW Core Property Trust (U.S.), an open-end core real estate fund.<\/p>\n<p>The 34-story building was constructed in 1998 and is located just north of the massive Hudson Yards multi-use project being developed by Related Cos. and Oxford Properties Group. The 13 million-square-foot development will feature office, residential, retail and cultural space and transform the area into a new neighborhood.<\/p>\n<p>\u201cAEW is excited about the potential of this exciting neighborhood adjacent to Hudson Yards and the opportunity to acquire this Class A building,\u201d Dan Bradley, portfolio manager for AEW Core Property Trust, said in a prepared statement. \u201cWe believe that 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.\u201d<\/p>\n<p>CBRE\u2019s Darcy Stacom, Paul Leibowitz and Bill Shanahan represented the Gotham Organization.<\/p>\n<p>\u201cGotham Organization had commenced a renovation program, bringing New Gotham up to the booming standards of this vibrant neighborhood,\u201d Stacom said in a CBRE news release. \u201cAEW is expected to work upon the exceptional foundation Gotham Organization has provided.\u201d<\/p>\n<p>The New York Post, which first reported the sale price of the property as $170 million, also noted that lobby and lounge renovations had been completed at the apartment building, resulting in rent increases. Rents range from $2,495 for a studio to $4,450 for a two-bedroom unit, according to the newspaper.<\/p>\n<p>AEW, founded in 1981, provides real estate management services to investors across the globe. The company and its affiliates manage more than $36 billion of capital invested in $49.7 billion of property and securities. The global firm has offices in Boston and Los Angeles in the United States as well as in Europe and Asia.<\/p>\n<p>Other multi-family acquisitions this year include the purchase <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/baltimore\/252-unit-apartment-community-sells-in-greater-baltimore\/\">of The Haven of Odenton Gateway, a 252-unit garden-style complex in Odenton, Md.,<\/a> and the<a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/raleigh-durham\/investor-buys-multifamily-property-from-prei-for-165436-per-unit\/\"> 328-unit Artisan at Brightleaf in Durham, N.C.<\/a> Early in the year, <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/washington-dc\/mill-creek-starts-construction-on-360-unit-alexandria-apartment-community\/\">AEW teamed up with Mill Creek Residential Trust, L.L.C. and Green City Development to build a 360-unit apartment community in Alexandria, Va.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AEW Capital Management has acquired New Gotham, a 375-unit rental building at 520 W. 43rd St. on Manhattan\u2019s West Side, from the Gotham Organization and its investor member AIG Affordable Housing for a reported $170 million.<\/p>\n","protected":false},"author":1068,"featured_media":1004087685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,10],"tags":[],"class_list":["post-1004087683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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