Rose Associates and its joint venture partner Morgan Stanley Real Estate Investing (MSREI) have received US$103 million in financing for the recapitalization of the Ellington Building. This 29-storey multi-family property is located in Midtown Manhattan. The debt financing was provided by AXA Equitable. No broker was involved in this transaction, as first reported by Commercial Observer.
Strategic Realignment and Partnership
Marc Ehrlich, President of Rose Associates, explained that this closing marks the beginning of several planned acquisition deals between Rose Associates and MSREI. He emphasised that by consolidating the ownership structure, the Ellington Building has been positioned for a promising future. This strategic partnership aims to optimise the long-term value development of the property and strengthen its market position.
The Ellington Building is located at 260 West 52nd Street, at the corner of Eighth Avenue and West 52nd Street. The property was opened in 1987 and has since been an integral part of the Midtown Manhattan skyline. Its strategic location offers high appeal to residents who appreciate vibrant city life.
Attractive Location and Amenities
The building is conveniently situated between Broadway's bustling theatre district to the south and the southern entrance of Central Park to the north. This prominent location offers residents access to cultural institutions, first-class shopping facilities, and a variety of restaurants. Proximity to major transport hubs also ensures excellent connectivity to all parts of the city.
The Ellington Building offers residents various amenities. These include a modern fitness centre, which promotes an active lifestyle, as well as private storage facilities. These features contribute to a high quality of living and make the building a sought-after location in one of New York's most dynamic areas.
- —Address: 260 West 52nd Street, New York
- —Opened: 1987
- —Number of storeys: 29
- —Main Investors: Rose Associates, Morgan Stanley Real Estate Investing
- —Financier: AXA Equitable
