The Montrose Changes Ownership, Goes Condo
- Feb 09, 2015
The Montrose, a boutique rental building in Midtown Manhattan, was recently sold in a $75 million transaction brokered by HFF on behalf of the seller.
Developers Gaia Real Estate and Acro Group are now the new owners of the 14-year-old building located at 308 East 38th Street between 1st and 2nd Avenues in Murray Hill, within walking distance of Grand Central, the United Nations and the waterfront promenade. The Real Deal reports that the seller, UBS Realty Investors, acquired the 22-story building for nearly $60 million in 2006.
Completed in 2001 by the Clarett Group, The Montrose was designed by Meltzer Mandl Architects (MMA). The rental tower has 97 luxury apartments in a mix of studios, one- and two-bedrooms units with monthly rents ranging from $2,795 to $4,300. The list of amenities at The Montrose includes three elevators, individual storage, bike storage, a fitness center, as well as 24-hour doorman and concierge services. The property is currently fully leased.
Reportedly, the new owners plan to redevelop the building into condominiums. “There is a lack of moderately-priced condominiums in Manhattan,” said in a press release Andrew Scandalios, Senior Managing Director at HFF. “The Montrose represents the ideal product and location for this moderate price range serving end-users that will enjoy the proximity to the Midtown CBD, nearby hospitals, Grand Central and the United Nations”, he added.
The Montrose is the second rental building in Murray Hill that Gaia Real Estate purchased with plans for reconversion. In fall 2014 the developer paid $147 million for 144 units at The Corinthian—a 57-story, 863-unit tower located at 330 East 38th Street—and started a gut renovation and condo conversion of the residences.
Image via Gaia Real Estate