Aimco Buys Five on Upper East Side

Apartment Investment and Management Co. or Aimco (NYSE: AIV), a Denver-based real estate investment trust and the largest owner and operator of apartment communities in the United States, closed on its purchase of five contiguous apartment properties on Manhattan's Upper East Side last month.

 The acquired properties at 167-173 E. 90th St., between Lexington and 3rd avenues, consist of five walkup buildings containing 72 one- and two-bedroom duplex partments. Aimco purchased 100% of the properties, off-the-market, for $14.5 million from Rubin Pikus of Millbrook Properties. The price equals approximately $201,390 per unit. 

Built in the 1880s, the apartments have undergone substantial renovation and feature such amenities as large windows, high ceilings, fireplaces, wood floors and gardens. 

Georgia Malone of Georgia Malone &Co. has handled all of Aimco's acquisitions since entry into the New York City market totaling just under $80 million. During the past year Aimco has acquired 18 buildings on Manhattan's Upper West and Upper East Sides, including this purchase. 

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