Rose Assocs. partners with Morgan Stanley Real Estate Investing to recapitalize The Ellington
Manhattan, NY Rose Associates, Inc., the New York-based multifamily real estate developer and manager, has partnered with a fund managed by Morgan Stanley Real Estate Investing (MSREI) in the recent recapitalization of The Ellington, a multifamily standout on the west side of the city.
“Rose Associates is pleased to have partnered with MSREI in this acquisition. By consolidating the ownership structure, we’ve positioned The Ellington for a very promising future,” said Marc Ehrlich, president of Rose Associates. “This transaction is the first in what we expect to be a series of acquisitions that combine Rose’s real estate capabilities with MSREI’s investment expertise.”
The Ellington is a 29-story multifamily rental located at 260 West 52nd St. Built in 1987, the building offers 216 units in studio, one- and two-bedroom configurations, a 24-hour attended lobby and concierge service. Residents enjoy access to a fitness center, private storage rooms and bicycle storage. The property is near Central Park and the Broadway theater district.
Established in 1925, Rose Associates is a premier real estate firm specializing in multifamily rental properties throughout the Northeast. Focused on the development, acquisition and management of the highest quality assets, the firm manages more than 40,000 apartments in New York City, upstate New York, New Jersey, Pennsylvania, Connecticut and Massachusetts. Rose’s management platform incorporates industry-leading services to maximize revenue and enhance asset value, ensuring that Rose-managed and Rose-owned properties consistently outperform the market. Under the leadership of CEO Amy Rose, the firm is a certified Women’s Business Enterprise that is currently pursuing an aggressive growth strategy.