Stellar Management Announces Plan For All-New Luxury Residences On Upper West Side

8/22/16

-- The Willard, Formerly The Willard Hotel, to Undergo Refined Restoration Program --

Stellar Management – one of New York City’s premier owners and operators of residential and commercial real estate – today announced, in partnership with Argent Ventures, its plan to bring 52 luxury residences to The Willard on the Upper West Side. Formerly named The Willard Hotel, the 11-story boutique, pre-war building will undergo a restoration program to enhance its classically charming details while also adding a modern elegance to the units, lobby and amenity spaces. Additionally, Citi Habitats has been tapped to exclusively market and lease the property.

Located at 252 West 76th Street, The Willard is a polished collection of luxury residences within classic Beaux Arts architecture. The pre-war elevator building sits on a quiet tree-lined street and its renovation will feature an attended lobby, fitness center, children’s playroom and storage facility.

“Stellar Management has a long and successful presence in the Upper West Side residential market,” said Adam Roman, Chief Operating Officer and a principal at Stellar Management. “We, along with our partners at Argent Ventures, are committed to enhancing and restoring The Willard with its Beaux Arts facade to better integrate into the architectural fabric of the neighborhood.”

“Argent is pleased to partner with Stellar on this project to revitalize this one-of-a-kind property,” said Mark Teitelbaum, Principal of Argent Ventures. “When completed, The Willard will blend modern amenities and beautiful pre-war detail in a unique and highly desirable location.”

The residences will boast classical details such as coffered ceilings, crown moldings, bay windows, white oak hardwood floors, in-unit washer and dryer, custom built-in closets, and chef’s kitchens with Caesarstone countertops and top of the line appliances.

“We are proud to be part of the team selected to work with Stellar Management and Argent Ventures on The Willard,” explained Joe Azar of Citi Habitats, the building’s exclusive leasing agency. “These properties stand out in the marketplace because they boast ultra-modern finishes while retaining their best pre-war attributes. The Willard offers an unbeatable combination for tenants - a great lifestyle in a building with old-world charm, all in a prime Upper West Side location.”

The Willard sits in the West End-Collegiate Historic District Extension and these improvements are meant to bring the property up to a level that suits this prominent Upper West Side neighborhood. To achieve this goal, Stellar Management has been working diligently with members of the Preservation Committee.

Additionally, the location of The Willard offers access to plenty of dining, entertainment and cultural options. The property sits one block west from Riverside Park and is one block east of the Broadway retail corridor. Area retailers include Trader Joes, Fairway, Barneys New York, Bed, Bath & Beyond, Intermix and Apple. The Willard is also located close to the Beacon Theatre and the Museum of Natural History and offers convenient, walkable access to the 1/2/3 Subway line at 72nd Street and area buses.

The Willard adds to Stellar Management’s strong presence in the Upper West Side residential market which includes a neighborhood portfolio of more than 2,000 rental apartments.

For more information, visit the building website at: www.WillardNYC.com.

About Stellar Management

Founded in 1985, Stellar Management is a New York City based real estate investment and management firm. With over 13,000 apartments and approximately two million square feet of office and retail space under the firm’s corporate umbrella, Stellar is an active market participant focused exclusively on New York City. Since its inception, Stellar has built a superior track record of owning and operating properties for a diverse array of residential, office and retail users. Stellar employs a direct, hands-on approach to value investing by marrying its best-in-class management operation with in-house construction and development teams. The vertical integration of ownership, development and management is a central tenet of the firm’s investment philosophy and enables Stellar to quality control every step of the investment and execution process. With a fully integrated real estate platform, Stellar is able to provide stakeholders accountability across the many facets of real estate investment. For this, Stellar Management has cultivated a well-respected reputation in the industry.

About Argent Ventures

Argent Ventures is a vertically-integrated, diversified real estate investment and development firm specializing in opportunistic, and value-add transactions throughout the United States. Founded in 1997 and headquartered in New York City, the firm pursues debt- and equity-related investments in any asset class. Since its inception, Argent has purchased over $2.5 billion in real estate assets and debt instruments in major markets in the United States and Europe.

About Citi Habitats

As one of New York City’s leading real estate brokerages, Citi Habitats operates nine offices in the boroughs of Manhattan and Brooklyn. The firm offers a variety of real estate services including existing apartment rentals, townhome, condo, co-op, and investment sales, new development marketing and relocation services. Citi Habitats is owned and operated by NRT LLC, a subsidiary of Realogy Holdings Corp., a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. For more information, please visit www.CitiHabitats.com.

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