Aimco pays $51m for West Side purchase.Apartment Investment and Management Company, a real estate investment trust and the largest owner and operator of apartment communities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , has purchased the Tempo, a 16-story high-rise building high-rise building Multistory building taller than the maximum height people are willing to walk up, thus requiring vertical mechanical transportation. The introduction of safe passenger elevators made practical the erection of buildings more than four or five stories tall. with 200 apartments and ground-floor retail space located on New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's Upper West Side. The address of the acquired property is 240 W. 73rd St., between Broadway and West End avenues. Aimco purchased the property for $51 million. The purchase includes 139 studios, 48 one-bedroom, 11 two-bedroom and two three-bedroom apartments, a 3,000 s/f space occupied by a Gymboree children's store and 2,500 s/f of available commercial/retail space suitable for a restaurant or medical office. The building was built in 1928 and has been substantially renovated. It features high-quality amenities such as a beautiful lobby, gym, atrium atrium (ā`trēəm), term for an interior court in Roman domestic architecture and also for a type of entrance court in early Christian churches. The Roman atrium was an unroofed or partially roofed area with rooms opening from it. , laundry, storage and other services. Aimco is one of the first apartment REITs to enter the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. market by purchasing existing apartment buildings. With this new acquisition, Aimco has purchased 20 apartment buildings on Manhattan's Upper West and Upper East Sides, which also contain 20 commercial/retail spaces. "This is a highly desirable property," said Harry Alcock, chief investment officer with Aimco. "It is situated in a densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. , 24/7 location with great restaurants, entertainment and night life and excellent subway transportation." "We already own a block-front portfolio on Columbus Avenue, between 68th and 69th Streets, so we are familiar with the area and the strong market. The building is 100% occupied. With average monthly rents for the Upper West Side above $2,500 and the average rent for the 90 stabilized apartments at the Tempo at $453 a month, the property offers great upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside value for Aimco." "The remaining 110 apartments are being rented at market rates," Alcock noted. "The building also has a corporate leasing program, which serves Fortune 500 company employees." Georgia Malone, of Georgia Malone & Co., represented Aimco in the transaction. |
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