Two REITs buy Manhattan assets for $553m

The sales of two separate Manhattan assets have closed for a total sales price of $553 million.

The larger of the two transaction was the 22,500-square-foot site located at 1865 Broadway, which sold for $300 million to AvalonBay Communities. The seller was the American Bible Society. American Bible Society will remain in occupancy pursuant to a lease until the third quarter of 2015.

1865 Broadway is within two blocks of Columbus Circle, Lincoln Center and Central Park. AvalonBay intends to develop a residential tower on the site totaling more than 300,000 square feet of buildable area, including a significant retail component at its base. The REIT currently anticipates starting construction in late 2016.

As of Dec. 31, 2014, AvalonBay owned or held a direct or indirect ownership interest in 277 apartment communities containing 82,487 apartment units in 11 states and the District of Columbia, of which 26 communities were under construction and eig