AFIAA buys again in New York
AFIAA has invested in New York again. The investment foundation acquired an office building in Manhattan via an asset deal.
The property, located at 158 West 27th Street, is AFIAA's third investment in New York and second this year. Just earlier this month, the investment foundation announced the purchase of a property in midtown Manhattan. As with the two previous investments in New York, the purchase was made for the portfolio of the AFIAA Global investment group, which invests in Europe, North America and Australia.
The newly acquired building was constructed in 1913 and underwent extensive renovations between 2012 and 2018. It is located in Midtown South Manhattan in the Chelsea submarket and offers approximately 118,074 square feet (10,970 sq m) of usable space. About 9,000 sq. ft. is used as offices, and the rest is retail space. The occupancy rate is 92%, according to AFIAA, and tenants include Furnished Quarters, Barton Hall and Planet Fitness.
Penn Station, one of Manhattan's major transportation hubs, is a five-minute walk from the building. The nearest metro station, 28th Street, is a two-minute walk.
With the acquisition of the property, the U.S. allocation has now been expanded to about 25% of the portfolio, just weeks after the last purchase in New York, says Sebastian Feix, Head of Transactions International at AFIAA. "New York remains one of the most interesting investment locations for us as part of our global investment strategy." (ah)
