REALM, DelShah Capital, and A.M. Properties Acquire Premier Midtown Office Condominium CitySpire in NYC
In an impressive move reflecting the resilience of New York City's real estate market, REALM has partnered with DelShah Capital and A.M. Properties to acquire CitySpire, a prestigious office condominium located at 156 West 56th Street. Encompassing 377,000 square feet across 24 floors, CitySpire represents a significant addition to their portfolio, especially with its highly sought-after Midtown location, just a stone's throw away from Central Park.
The acquisition was made at an enticing 8.5% capitalization rate, which underscores the investors' confidence in the asset's long-term value. This Class A office space boasts not only a strategic location but also high-end finishes and an extensive list of notable tenants, including Caleres, Windels Marx Lane Mittendorf, LLP, and New York Road Runners. The property has benefitted from approximately $22 million in recent upgrades, ensuring its appeal and functionality.
As of the purchase, CitySpire enjoys a near-perfect 98% occupancy rate, indicating strong demand for office spaces in this prime area of Manhattan. With no immediate capital expenditures required, the property is poised to generate a durable cash flow and offer attractive returns to its investors. This acquisition aligns with the recent surge in office leasing activity across Manhattan, which reached pre-pandemic levels by late 2025. This trend indicates a robust recovery and growing confidence in the office market.
Travis King, Founder and CEO of REALM, commented on the acquisition: "CitySpire embodies the type of opportunity we seek in today's market. Despite cautious capital market conditions for office spaces, the fundamentals of premier Midtown properties remain strong. The leasing activity and occupancy rates are outperforming, making CitySpire an optimal investment. Our focus is on selective investments that provide robust downside protection and long-term growth potential."
A notable advantage for investors in the New York office market is the projected growth in revenue per available foot (M-RevPAF). According to Green Street, New York office assets are ranked first nationally, with a 5.3% expected growth over the next five years. Such metrics reinforce the belief that well-situated Midtown properties will continue attracting tenants amid constrained supply.
REALM, which operates as an exclusive investment collective of over 130 family offices, focuses on direct real estate investments. The organization brings together members’ experiences, connections, and resources to achieve superior investment outcomes. With a rich history in real estate transactions totaling over $6 billion, the organization has established a solid track record across various property types and market conditions.
DelShah Capital, founded in 2006 and based in New York City, specializes in managing multifamily, office, retail, and hospitality assets. It operates a diverse portfolio exceeding two million square feet across the five boroughs, showcasing its capacity for effective real estate management.
Meanwhile, A.M. Properties brings nearly 40 years of experience to the table, having built a significant presence in the New York real estate market, with a current operational footprint of over 2 million square feet of office space. Historically focused on high-quality but underperforming assets, the firm has recently shifted its strategy toward top-tier properties, expanding its investments into the broader tri-state region.
With their collective expertise and a keen understanding of market dynamics, this partnership marks a strategic move that hints at a revitalized outlook for office space investments in Manhattan, paving the way for potential growth and enhanced urban development in the heart of New York City.
The acquisition was made at an enticing 8.5% capitalization rate, which underscores the investors' confidence in the asset's long-term value. This Class A office space boasts not only a strategic location but also high-end finishes and an extensive list of notable tenants, including Caleres, Windels Marx Lane Mittendorf, LLP, and New York Road Runners. The property has benefitted from approximately $22 million in recent upgrades, ensuring its appeal and functionality.
As of the purchase, CitySpire enjoys a near-perfect 98% occupancy rate, indicating strong demand for office spaces in this prime area of Manhattan. With no immediate capital expenditures required, the property is poised to generate a durable cash flow and offer attractive returns to its investors. This acquisition aligns with the recent surge in office leasing activity across Manhattan, which reached pre-pandemic levels by late 2025. This trend indicates a robust recovery and growing confidence in the office market.
Travis King, Founder and CEO of REALM, commented on the acquisition: "CitySpire embodies the type of opportunity we seek in today's market. Despite cautious capital market conditions for office spaces, the fundamentals of premier Midtown properties remain strong. The leasing activity and occupancy rates are outperforming, making CitySpire an optimal investment. Our focus is on selective investments that provide robust downside protection and long-term growth potential."
A notable advantage for investors in the New York office market is the projected growth in revenue per available foot (M-RevPAF). According to Green Street, New York office assets are ranked first nationally, with a 5.3% expected growth over the next five years. Such metrics reinforce the belief that well-situated Midtown properties will continue attracting tenants amid constrained supply.
REALM, which operates as an exclusive investment collective of over 130 family offices, focuses on direct real estate investments. The organization brings together members’ experiences, connections, and resources to achieve superior investment outcomes. With a rich history in real estate transactions totaling over $6 billion, the organization has established a solid track record across various property types and market conditions.
DelShah Capital, founded in 2006 and based in New York City, specializes in managing multifamily, office, retail, and hospitality assets. It operates a diverse portfolio exceeding two million square feet across the five boroughs, showcasing its capacity for effective real estate management.
Meanwhile, A.M. Properties brings nearly 40 years of experience to the table, having built a significant presence in the New York real estate market, with a current operational footprint of over 2 million square feet of office space. Historically focused on high-quality but underperforming assets, the firm has recently shifted its strategy toward top-tier properties, expanding its investments into the broader tri-state region.
With their collective expertise and a keen understanding of market dynamics, this partnership marks a strategic move that hints at a revitalized outlook for office space investments in Manhattan, paving the way for potential growth and enhanced urban development in the heart of New York City.
Topics General Business）
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