HFF announced Friday that it has closed the sale of The Aldyn and The Ashley, two newly-developed, Class A residential towers totaling 345 rental units in Manhattan’s Upper West Side.
HFF marketed the properties exclusively on behalf of the seller, a joint venture between a The Carlyle Group, RREEF America, and Extell Development Company.
GID Investment Advisers LLC with equity partner CalPERS purchased the luxury apartment towers for an undisclosed amount free and clear of existing debt.
The towers are located along Riverside Boulevard between 62nd and 63rd Streets in the River South neighborhood on the Upper West Side.
Completed in 2010, the towers include a mixture of studio, one-, two-, three- and four-bedroom units averaging 1,002 square feet each. In addition to its 136 rental units, the Aldyn includes 150 condominium units, which are not included in this transaction.
The two towers have a total of 11,959 square feet of retail space and feature amenities such as a 24-hour doorman, concierge services, resident lounges, landscaped interior courtyard with sun decks and a parking garage.
The properties also include LA PALESTRA, a 40,000-square-foot athletic club and spa offering state-of-the-art fitness equipment, indoor pool, game room, bowling alley, rock climbing wall, basketball court, golf simulator, squash court and spa service rooms.
The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz along with managing directors Jeff Julien and Kevin O’Hearn and executive managing director Matthew Lawton.
Bill Chiasson, senior vice president and director of eastern region acquisitions for GID said in a statement, “The Ashley and Aldyn provide GID an opportunity to expand our exposure in New York City in a single transaction. Manhattan is a market that has historically provided consistent revenue growth versus the national average and where valuations hold up better over time versus other core, US markets.”
