STELLAR MANAGEMENT ADDS ICONIC BUILDING – THE PARIS NEW YORK – TO RESIDENTIAL PORTFOLIO
January 20 / 2016
NEW YORK, NY – January 20, 2016 – Stellar Management – one of New York City’s premier owners and operators of residential and commercial real estate – today announced that it has closed on its acquisition of The Paris New York for $146 million. Stellar purchased the property from Crescent Heights.
Located at 752 West End Avenue, the luxury, Art Deco-inspired rental residential building – originally the Hotel Paris – offers studios to four-bedroom units, each finished with top of the line furnishings and amenities. The 200,000-square-foot, 24-story property consists of approximately 175 residential apartments. Currently, there are 10 units available for rent.
“The Paris New York is a wonderful addition to our residential portfolio,” said Matthew Lembo, a principal at Stellar Management. “We plan to maintain this as an iconic, high-end Upper West Side rental property.”
The building features a 16,000-square-foot fitness facility – West End Fitness NYC – with a separate entrance, a 24-hour attended lobby, and on-site maintenance. Select-apartments showcase views of the New York City skyline and/or Hudson River. Additionally, several improvements such as lobby renovations and amenity additions are planned for the building.
Situated in one of the most prominent areas of New York City, the building’s neighborhood consists of numerous casual and fine dining options, prime retail, and is near well-known venues such as Lincoln Center and the American Museum of Natural History. In addition, residents enjoy a close proximity to Riverside Park and Central Park – both featuring playgrounds, bike paths and other outdoor activity options. The well-located building is next to the West Side Highway and is within a block of the 1, 2, and 3 subway lines at 96th Street.
Including The Paris New York, Stellar Management’s Upper West Side residential portfolio totals more than 2,000 rental apartments and two million square feet.
About Stellar Management
Founded in 1985, Stellar Management is a New York City based real estate investment and management firm. Stellar owns and manages approximately 11,000 apartments, 1.5 million square feet of office space, and 1.2 million square feet of retail space in New York City. Some notable projects include Independence Plaza, The Windermere, Embassy House, and One SoHo Square.
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