Stellar Management purchases 666 West End Avenue for $68 million

Stellar Management has acquired The Windermere at 666 West End Ave. for $68 million. Stellar will invest approximately $10 million in renovations to the 23-story, 374-unit, pre-war limestone and brick façade apartment building. "This is a welcomed addition to Stellar's growing portfolio," said Ryan Jackson, a vice president at Stellar Management. "Once renovations are complete, the property will juxtapose the quintessential 1920s pre-war essence with modern amenities," Jackson said. Stellar will maintain the building as class A rental and will provide residents with access to contemporary rental services such as: wireless Internet, a lobby lounge, gym and roof deck. There are also plans to bring new green upgrades to the property. Located one block from Riverside Park, the Windermere is surrounded by many amenities, including local shopping along Broadway and a close proximity to an express subway stop. The renovation designs will be a joint venture between N-Plus Architecture and RSVP Architecture Studio. Prior to Stellar Management's acquisition of the property, The Windermere was owned by the Zarucki family since 1973. The purchase of The Windermere comes on the heels of two other notable announcements made by Stellar Management: in July, the group announced a joint venture with Savanna Real Estate Fund I, LLC to recapitalize 2 Rector St., and earlier this month, announced the purchase of Tivoli Towers, a 33-story, 320-unit affordable housing property in Brooklyn that will remain in the Mitchell-Lama program for at least 30 years.