Close sales at Mercedes House

A Texas-based investment firm dropped $170 million to buy the top 10 stories from Two Trees Management, the New York development firm behind Mercedes House will be marketing them as rentals. A rep from Two Trees explained the bulk sale as “an expedited route to achieve our exit plan with mitigated risk”, which Crain’s translated to mean “a sign of the ongoing weakness in the city’s market for condos“.
With the construction of the new Pier 17 beginning on July 1, it is not known whether Seaport summer concert series would still be going on this summer because the calendar is not yet finalized.

Two trees has closed on the $170 million sale of the top ten floors of the Mercedes House. The Dallas-based company Invesco now controls the 162 “luxury rentals” on the top floors of the massive West Side development, and they will begin marketing them next month. The first 222 apartments, plain old regular rentals, hit the market in 2011, and another 490 were released last summer. The second phase is currently 78 percent leased. Bozzuto Group will be managing the Invesco-owned units, but there’s no word yet on pricing.

Mercedes House, New York´s most important new residential development, is changing the cityscape forever. From two trees Management Company and visionary architect Enrique Norten, who is internationally renown for his rethinking and reshaping of urban buildings, comes a luxury rental complex spiraling 30 stories above the city with unobstructed views of the Hudson River. A modern tower of glass and greenery. It is a game-changer in its interpretation of twisting glass and steel that reveals itself anew from every angle.

source: ny.curbed.com

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