REALM, Delshah, and A.M. Properties Acquire 377K SF CitySpire Office Condo in Midtown

REALM, in partnership with Delshah Capital and A.M. Properties, has acquired CitySpire, a 377,000-square-foot office condominium spanning 24 floors in the 70-story tower located at 156 W 56th St. in Midtown Manhattan. The property was purchased at an 8.5% cap rate and is currently 98% occupied.

Built in 1987, the office asset recently underwent $22 million in capital improvements, leaving it with no near-term expenditure requirements. The investment group cited strong fundamentals and high occupancy rates in premier Midtown assets as key drivers for the acquisition.