New York, NY, October 1, 2013 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 159 West 85th Street, a prewar residential building in Manhattan’s premier Upper West Side. 159 West 85th Street is the most recent addition to Infinity’s portfolio of urban residential properties. Infinity’s plans for the property include an overhaul of the building’s infrastructure and mechanical systems, a new entrance, and complete renovation of the common areas and select apartments.
Located in one of New York City’s most desirable and upscale residential neighborhoods, 159 West 85th Street is currently a Class B, five story, early 1900’s residential building. The building’s apartment inventory consists of petit one bedroom and studio units catering to singles, young professionals and empty nesters. The property benefits from being located in the heart of the Upper West Side on a quiet, tree lined residential street only two blocks from Central Park. Residents enjoy the proximity to numerous restaurants, cafes and retailers found on Amsterdam and Columbus Avenues in addition to convenient subway access.
“This building provides another opportunity for our talented team to transform a rundown and under-improved building in a top neighborhood of this great city. We expect to reposition the asset over time into a fresh boutique property with prewar character” added Steve Kassin, managing partner at Infinity.
The acquisition of 159 West 85th Street demonstrates Infinity Real Estate’s strategy of purchasing undervalued residential properties in highly desirable urban neighborhoods. Through creative rebranding, infrastructure upgrades, and extensive unit renovations, Infinity creates considerable value over each investment’s horizon.