Larry Gluck’s Stellar Management is in contract to spend nearly $150 million on The Paris apartment building at 752 West End Avenue at 97th Street.
The 24-story former Art Deco hotel is now a rental building reconfigured into 175 residential luxurious apartments fitness facility and swimming pool.
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In 2007 Westbrook Partners paid $85.8 million for the asset. In 2010, David Bistricer and the Rieder family paid for it $72.36 million. in 2013 Bruce Menin’s Miami-based Crescent Heights paid as much as $123 million. The deal is expected to close next month.
A three-bedroom at the building units are listed for between $10, 000 and $16, 000 a month on StreetEasy. About 20 percent of the Paris’ tenants are rent-stabilized, the New York Post reported.
The Real Deal reports that Gluck has had a busy few months. He paid $30 million for a Mitchell-Lama housing complex in Staten Island in July. In August, Gluck filed suit against a pair of tenants at 214 West 21st Street in Chelsea who wererenting their unit on Airbnb.