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Spitzer and Winter Explore $1B Sale for Manhattan Luxury Apartment

Spitzer Enterprises and Winter Properties are seeking to sell a luxury apartment building in Manhattan for $1 billion, according to a report from Bloomberg.

While 800 Fifth Avenue's current use is for rentals, the news outlet said that a developer could have the opportunity to transform the property into for-sale residences, which could lead to the construction of 350,000 square feet, or 32,500 square meters of space.

Right now, the asset, which offers a view of Central Park, consists of one, two and three-bedroom apartments. The units include stainless steel appliances and luxury fixtures. Plus, there are amenities such as a fitness center, yoga studio, valet service, a lobby, and a private garden.

Brokers Doug Harmon and Adam Spies of Newmark are representing Spitzer and Winter in the exploration of the sale.

As many in the multifamily sector deal with high supply, New York City is standing out with its strength. According to a report from Ariel Property Advisors, the metro area's asset class posted $8.9 billion in dollar volume in 2024, representing a 14 percent rise from the previous year. Most of the activity occurred in Brooklyn, whose volume surged 59 percent year-over-year to $3.48 billion. Also, NYC's transactions in the sector climbed by four percent to 1,107 in 2024.

Reprinted with permission from the Wednesday, 29 January 2025 06:09:29 EST online edition of GlobeSt © 2025 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.