Stellar Management Purchases 666 West End Ave For $68 Million
November 23 / 2010
New York, NY – November 22, 2010: Stellar Management today announced that it has acquired The Windermere at 666 West End Avenue for $68 million. Stellar will invest approximately $10 million in renovations to the 23–story, 374-unit, pre-war limestone and brick façade apartment building.
“This is a welcomed addition to Stellar’s growing portfolio,” said Ryan Jackson, a vice president at Stellar Management. “Once renovations are complete, the property will juxtapose the quintessential 1920’s pre-war essence with modern amenities,” Mr. Jackson added.
Stellar will maintain the building as Class A rental and will provide residents with access to contemporary rental services such as: wireless internet, a lobby lounge, gym and roof deck. There are also plans to bring new “green” upgrades to the property. Located just one block from Riverside Park, the Windermere is surrounded by an abundance of amenities, including excellent local shopping along Broadway and a close proximity to an express subway stop.
The renovation designs will be a joint venture between N-Plus Architecture and RSVP Architecture Studio. Prior to Stellar Management's acquisition of the property, The Windermere was owned by the Zarucki family since 1973
The purchase of The Windermere comes on the heels of two other notable announcements made by Stellar Management: in July, the group announced a joint venture with Savanna Real Estate Fund I, LLC (“Savanna”) to recapitalize 2 Rector Street, and earlier this month, announced the purchase of Tivoli Towers, a 33-story, 320-unit affordable housing property in Brooklyn that will remain in the Mitchell-Lama program for at least 30 years.
About Stellar Management
For over 25 years Stellar Management has acquired and improved properties across the country. Founded by Laurence Gluck, Stellar has built its track record on ownership, management, and revitalization of rental housing in metropolitan areas on the East Coast of the United States. Stellar Management is an owner-manager of more than 24,000 apartment homes and three million square feet of office space in New York City, Metro Washington D.C., San Francisco, Los Angeles, Chicago and South Florida. Stellar Management employs approximately 800 people, and has offices and management teams based in New York, Metro DC and San Francisco. Stellar’s principals are Laurence Gluck, Paula Katz and Robert A. Rosania.