Gaia Real Estate Takes Over 144-Unit Portfolio at The Corinthian in $147 Million Transaction
- Sep 04, 2014
By Veronica Grecu, Associate Editor
Massey Knakal Realty Services announced the sale and financing of a big portfolio of apartments in The Corinthian, a huge residential tower located a full block front of First Avenue between East 37th Street and East 38thStreet in the Murray Hill neighborhood of Manhattan. According to the real estate company, the units were sold in an all-cash transaction that was valued at $147 million, while Massey Knakal Capital Services committed $125 million toward the units’ acquisition and renovation.
The transaction, which was handled exclusively by Chairman Bob Knakal and Vice Chairman John Ciraulo, consists of nine studios, 91 one-bedrooms, 30 two-bedrooms and 14 three-bedrooms. Totaling nearly 151,000 square feet, the portfolio of 144 residential condominiums scattered throughout the tower was sold for about $975 per square foot or roughly $1.02 per unit.
The buyer is Gaia Real Estate, a locally based real estate investment company focusing in acquisitions, operation, management and repositioning of properties in New York, New Jersey and Connecticut. CoStar reports that this is Gaia’s second investment in The Corinthian—in December 2013 the company paid $14.6 million for 15 units on the building’s 50th floor.
Designed by Der Scutt and Michael Schimenti, the 57-story tower was built in the late 1980s by Bernard Spitzer—a real estate mogul and philanthropist whose son Eliot was the 54th Governor of New York. Totaling 1.1 million square feet, The Corinthian was the largest residential building in the city and one of the most spectacular in Manhattan thanks to its curvilinear architecture
The tower includes 863 apartments, 125,000 square feet of commercial space on the first through third floors, as well as a 48,000-square-foot garage that was sold in 2009 for $10.3 million to Gregg Reuben of Alliance Parking, according to The Real Deal. High-end amenities such as an indoor swimming pool with spa, a gym and yoga studio, an outdoor jogging track that circles the 4th floor, a golf simulator, 24/7 doorman and concierge services make The Corinthian a premier residential building in Murray Hill. The new owner plans to renovate and rebrand the 144 rental units, and then sell them as individual residences.
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Image via Gaia Real Estate