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INVESCO PURCHASES 32-STORY APARTMENT TOWER

NEW YORK CITY — Investment management firm Invesco Real Estate has purchased The Elektra from JP Morgan Investment Management for an undisclosed amount. The property is a 32-story apartment tower located at 290 Third Ave. in Manhattan's Gramercy neighborhood.

Constructed in 1992 and renovated in 2008, The Elektra contains a total of 166 apartments and approximately 5,250 square feet of street-level retail space. The apartments comprise a mix of studio through two-bedroom residences with an average unit size of 701 square feet. Community amenities include a 24-hour attended lobby, a rooftop sky deck, a health club and laundry facilities. The residential space was 95 percent occupied at the time of closing and the retail space was fully leased.

The acquisition price could not be released, but the deal did involve Invesco assuming the property's existing debt. The Holliday Fenoglio Fowler team of Andrew Scandalios, Jose Cruz, Jeff Julien and Kevin O'Hearn represented JP Morgan in the deal.

“We are happy to add The Elektra, a rare find with both market-rate units and market-rate taxes, to our New York City portfolio,” said Todd Bassen, senior acquisitions director with Invesco, in a statement. “This is the firm's first multifamily property we've owned in Manhattan since 2004, and it meets Invesco's objective of acquiring in top-performing markets.”

Outside of the multifamily sector, Invesco owns several properties in Manhattan including The Brill Building, 100-104 5th Avenue and 512 Broadway.

— Coleman Wood

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