The investment arm of Kuwait’s social-security system bought a luxury apartment building in Manhattan’s Noho neighborhood, as demand for multifamily properties surges, two people with knowledge of the deal said.
A half-empty building in Manhattan was sold at an Internet auction for within $1 million of the property’s value at the height of the boom in 2007, underscoring investors’ faith in the real estate recovery.
Gramercy Capital Corp., the real estate investment trust whose stock has more than doubled in the past year, may consider a sale of the company after it completes a debt restructuring, said two people familiar with the plan. The shares surged almost 10 percent.
Sluggish hotel demand outside the largest U.S. cities is slowing an industrywide rebound even as an influx of leisure, business and international travelers spurs growth in metropolitan areas such as New York.