NEW YORK CITY — Stellar Management has completed its second big acquisition of the month with its $68 million acquisition of The Winderemere in New York City. Situated at 666 West End Ave., the 23-story building contains 374 apartments. It had been owned by the Zarucki family since 1973.
Stellar plans to maintain the building as a rental property. In the near term, it will invest $10 million in renovations. The tower's limestone and brick façade will be maintained. In addition, the new owner will provide several amenities to residents including wireless Internet access, a lobby lounge, a fitness center and a rooftop deck. Sustainable elements will also be added to the building. The project architects for the renovations are N-Plus Architecture and RSVP Architecture Studio.
“This is a welcomed addition to Stellar's growing portfolio,” said Ryan Jackson, vice president of Stellar, in a statement. “Once renovations are complete, the property will juxtapose the quintessential 1920s, pre-war essence with modern amenities.”
Earlier this month Stellar acquired Tivoli Towers, a 33-story, 320-unit affordable housing community located in the Crown Points neighborhood of Brooklyn. The company also plans to renovate this property as well as maintain its status as affordable housing under the Mitchell-Lama program.
— Coleman Wood