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The Paris Apartments Sell for $150M

Larry Gluck's Stellar Management is under contract to buy the Paris apartment building for roughly $150M. The 24-story former Hotel Paris on the UWS is now 175 residential apartments, 20% of which are rent-stabilized. It's known for its 16k SF fitness facility and large swimming pool.

The seller, Bruce Menin's Crescent Heights, began updating apartments when it purchased the building two years ago. Chances are, Stellar will continue along that vein, combining, renovating and renting.

The building has several three-bedroom units on StreetEasy asking anywhere from $10k to $16k/month. Most bedrooms have their own bathroom and some units include nanny suites and office areas. A closing is scheduled within the next month. [NYP]