Property Markets Group

Real Estate Weekly, March 15, 2000

Property Markets Group, the New York City residential and hotel developer, has purchased 41 West 72nd Street for $24 million.

The doorman luxury building, between Central Park West and Columbus Avenue, features one and two bedroom apartments ranging from 600 to 1200 square feet.

West 72nd Street, a 131-unit rental building and two-bedroom apartments ranging from 600 to 1200 square feet.

"There are few opportunities to own a premier building on West 72nd Street that is this close to the park," says Kevin Maloney, partner in Property Markets Group. "This is an excellent piece for our portfolio, which already includes a number of important buildings on the Upper West Side."

Among numerous ongoing projects, the company recently converted The Briarcliffe at 57th and 7th, and 190 Riverside Drive at 91st Street, both pre-war high-end buildings to condominiums; and has plans for additional conversions throughout the city. The company also owns the Commander at 73rd Street and Broadway and the Belnord at 56th Street. Property Markets Group and its hotel affiliate, Citylife Hotel Group, will open ThirtyThirty New York City, the company's third hotel in NYC, later this year.