Publications

LACERA closes $380m Manhattan apartment tower sale
Transactions - FEBRUARY 20, 2020

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

LACERA closes $380m Manhattan apartment tower sale

by Kali Persall

The $56 billion Los Angeles County Employees’ Retirement Association (LACERA) has completed the sale of a 50-story luxury apartment tower in Manhattan to Global Holdings Management Group for $380 million.

A representative from the real estate team of Sheppard Mullin, a law firm that was involved in the transaction, confirmed the sale of the Instrata NoMad Apartment Tower in an email.

Sheppard Mullin represented LACERA in what is expected to be the largest single-asset residential rental building transaction in New York for 2020, according to a spokesperson for the firm. The 392-unit property located at 10 East 29th Street in Manhattan is among the tallest apartment towers south of 30th Street.

The property comprises studios as well as one-, two- and three-bedroom apartments with solid hardwood floors and stone countertops.

LACERA purchased the tower in 2013 and put the building on the market in July, when it was valued at $380 million.

The deal w

Forgot your username or password?