Jerry Speyer’s new Manhattan residential empire is rapidly expanding.
Archstone-Smith, the real-estate investment trust Tishman Speyer purchased last month, has bought the Camargue, at 303 East 83rd Street, for $169 million. The deal was recorded in public records.
The 30-story Yorkville building with 261 apartments fits Archstone’s company profile: The building is big and it’s for the well-heeled.
The deal went to contract on April 17, only weeks before Tishman Speyer and Lehman Brothers purchased Archstone for $22.2 billion, including all its debt.
At a time when everyone is thinking office space, Tishman Speyer seems to be—at least here in the city—trading those cubicles for kitchens and living rooms.
Since last year, Tishman Speyer has expanded its residential portfolio from zero residential units to nearly 15,000. Most of those came in Mr. Speyer’s record-breaking $5.4 billion buy of Stuyvesant Town and Peter Cooper Village.
When Mr. Speyer purchased Archstone last month, it took in Archstone’s 3,000 city residential units and 86,000 nationally.
These apartments are nothing like the rent-stabilized ones at Stuy Town. For instance, the brand-new Archstone Clinton is a 627-unit in Hell’s Kitchen where studios start at $2,680 monthly, and available one-bedrooms in the Archstone East 39th go for at least $4,670.
The Camargue will feel right at home in Tishman Speyer’s pricey portfolio. Rents run from $2,900 for one-bedrooms and $4,800 for two-bedrooms, according to City Realty.
Meanwhile, this year alone, Tishman Speyer has shed nearly $3 billion worth of its office properties. It sold 666 Fifth Avenue for a record $1.8 billion, the old Times Building for $525 million and the Lipstick Building for more than $600 million.