Stellar Management, one of New York City’s premier owners and operators of residential and commercial real estate, announced on Jan. 19 that it has closed on its acquisition of The Paris New York for $146 million. Stellar purchased the property from Crescent Heights.
Located at 752 West End Avenue, the luxury, Art Deco-inspired rental residential building — originally the Hotel Paris — offers studios to four-bedroom units finished with top-of-the line furnishings and amenities. The 200,000-square-foot, 24-story property consists of approximately 175 residential apartments. There are currently 10 units available for rent, according to Matthew Lembo, a principal at Stellar Management.
Lembo considers The Paris New York “a wonderful addition to our residential portfolio” and says Stellar plans “to maintain this as an iconic, high-end Upper West Side rental property.”
The building features a 16,000-square-foot fitness facility – West End Fitness NYC –with a separate entrance, 24-hour attended lobby and on-site maintenance. Select apartments showcase views of the New York City skyline or Hudson River. Additionally, several improvements such as lobby renovations and amenity additions are planned for the building.
Situated on New York’s West Side, The Paris New York is near well-known venues such as Lincoln Center and the American Museum of Natural History. It’s also close to the famous former Plaza Hotel, which Donald Trump bought and sold long before he began his bid for the Republican presidential nomination.
In addition, the building is close to restaurants, shopping districts and Riverside and Central parks.
The well-located complex is next to the West Side Highway and within a block of the 1, 2, and 3 subway lines at 96th Street. Including The Paris New York, Stellar Management’s Upper West Side residential portfolio totals more than 2,000 rental apartments and two million square feet.
