Photo: 2 Cooper Square
A U.S.-registered investment adviser owned by Kuwait’s social security system reportedly purchased a 114-unit luxury apartment building in Manhattan last week, Oshrat Carmiel writes for Bloomberg.Located in the NoHo neighbourhood, 2 Cooper Square was bought by Wafra Investment Advisory Group Inc. The price has not been revealed as the purchase has not been made public yet.
Ben Thypin, director of market analysis for Real Capital Analytics Inc., told Carmiel that investors have been willing to pay more for new buildings so to keep operating costs down and to attract wealthier tenants. Carmiel reports that the purchase coincides with a high demand for multifamily properties.
2 Cooper Square, previously owned by the Atlantic Development Group LLC, was completed in 2010.
According to its website, the apartment building boasts a slew of luxurious amenities, including: a 6,500 square foot landscaped roof deck; a rooftop pool; a club lounge with fireplace; private walkout terraces; a 15 person private screening room.
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