The Upper West Side's Windermere (not to be confused with the building of the same name in Hell's Kitchen) is a stealthy one. Stellar Management and AORE Holdings paid $68 million for the building last year and gave it a quiet but somewhat extensive upgrade that's only just now been revealed in the Daily News.
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If you want proof the upper West Side is the most changed neighborhood in New York City, peek your head into the Windermere, a rental upgrade on 92nd St. and West End Ave.
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“No real big surprises, it only confirms what we hear from investors everyday about the multifamily sector having the best fundamentals in commercial real estate today with some of the best financing options available,” Darcy Miramontes, executive vice president with JLL’s Capital Markets, tells MHN.
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Rising rental rates combined with declining home ownership rates are sounding a clarion call for continued investment in the multifamily sector, according to respondents of Jones Lang LaSalle/RealShare APARTMENTS Outlook 2012 Survey.
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Even though the European debt crisis is on the minds of commercial real estate investors and the job picture isn't looking like it's going to get a whole lot brighter any time soon, it doesn't look like the multifamily sector is losing steam.
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It's a tale of two investments in the multifamily sector as value-add investors like Steven Ludwig of Coastline Capital Partners say they're under-promising and over-performing when it comes to forecasting rent growth in value-add investments, however, in core plays—he's expecting rents to push between 3-10 percent.
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Brack Capital Real Estate USA has sold the retail portion of its residential development at 15 Union Square West in New York City to the State Teachers Retirement System of Ohio, or STRS, for $57.88 million, the company announced today.
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This very handsome building, which is known as the Windemere, has a three-story, rusticated limestone base, a concierge, some balconies and terraces, a canopied entrance, nice terracotta decorative facade elements, consistent fenestration, and protruding air-conditioners. It has a two-story arched entrance surround.
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Union Square: First it got reworked, and now 15 Union Square West is going to be on fire. But don't worry. The flames?which will be projected onto the building's facade starting at 6 tonight?are just to celebrate the launch of Beyoncé's new fragrance.
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Even if you didn't know its history or architecture, 15 Union Square West blows you away the second you walk into its model apartment.
A giant 31-by-21-foot room with 16-foot ceilings and 17-foot low-iron impeccably clear windows overlooking Union Square would normally be enough to overwhelm your real estate senses. But then you'd see the 15-foot cast-iron stanchions.
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