REALM, DelShah Capital and A.M. Properties acquire 377,000 s/f CitySpire office condominium

Manhattan, NY REALM, in partnership with DelShah Capital and A.M. Properties, acquired  CitySpire, a 377,000 s/f office condominium comprising 24 floors within the 70-story tower at 156 W 56^th St. in Midtown.

Adjacent to Central Park with transit access and amenities, CitySpire is a Class A office asset located in one of the city’s most sought-after office corridors. Purchased at an 8.5% cap rate, the property features renovated common areas, high-end finishes, and a roster of tenants including Caleres, Windels Marx Lane & Mittendorf, LLP, and New York Road Runners. 

Built in 1987 and maintained by institutional ownership, the property has undergone $22 million in capital improvements, with 98% occupancy, and requires no near-term capital expenditures, supporting durable cash flow and attractive investor returns.

“CitySpire represents the type of opportunity we seek in today’s market,” said Travis King, founder and CEO of REALM. “While capital markets remain cautious on office, we see strong fundamentals in premier Midtown assets, where leasing activity and occupancy continue to outperform. CitySpire reflects our focus on highly selective investments with strong downside protection and long-term upside.”

The city office leasing activity reached pre-pandemic highs in late 2025, further strengthening market fundamentals.

Green Street ranks New York office assets first in the U.S. for projected five-year M-RevPAF growth at 5.3%, reinforcing expectations that well-located Midtown properties will benefit from durable tenant demand and constrained new supply.