Invesco Buys 162 Apartments at Mercedes House for $170M

Saturday, 06 Oct 2012 09:09 AM

Invesco Ltd., a Texas-based investment firm, recently purchased the top 10 floors of the new luxury building, The Mercedes House, located in Midtown West with the hopes of turning into luxury rentals. The original owner, Two Trees Management Co. LLC, intended to market the top 10 floors with 162 apartments, as condos. However, recent Crain's reports indicate that the new owner aims to market these apartments as rentals. Apartments on higher floors are still under construction which will boast more luxurious finishes than the apartments on lower floors.

The Mercedes House was developed by Two Trees Management Co. LLC and designed by architect Enrique Norten, is a luxury 32-story building located on West 53rdStreet between 10th and 11th Avenues. Studios start at $2,800, 1 BRs at $2,900, and 2 BRs at $4,400. The only current drawback is that the building is still in development, emitting some noise and dust. It’s a small price to pay (especially compared to the actual price) for a prime spot in the city.