REALM, in partnership with DelShah Capital and A.M. Properties, announced the acquisition of CitySpire, a 377,000-square-foot office condominium spanning 24 floors within the 70-story tower at 156 West 56th Street in Midtown Manhattan.
Located near Central Park with extensive transit connectivity and premium amenities, CitySpire is a Class A office property positioned in one of Manhattan’s most desirable office corridors. The property was acquired at an 8.5% cap rate and includes renovated common areas, upgraded finishes, and a tenant roster that includes Caleres, Windels Marx Lane & Mittendorf, LLP, and New York Road Runners.
Constructed in 1987 and previously maintained under institutional ownership, CitySpire has undergone approximately $22 million in capital improvements. The property is currently 98% occupied and is not expected to require near-term capital expenditures, supporting stable cash flow and projected investor returns.
The acquisition comes as Manhattan office leasing activity rebounded to pre-pandemic highs in late 2025, contributing to improving market conditions for high-quality office properties. Green Street ranked New York office assets first in the U.S. for projected five-year M-RevPAF growth at 5.3%, highlighting expectations for continued tenant demand and limited new supply in Midtown Manhattan.
REALM describes itself as an invitation-only investment collective of more than 130 family offices focused on direct real estate investing. The firm’s principals have participated in more than $6 billion in real estate transactions across multiple property sectors and markets.
DelShah Capital is a vertically integrated New York City-based real estate private equity and asset management firm focused on multifamily, office, retail, and hospitality investments throughout New York City. Founded in 2006, the company owns and operates a portfolio totaling more than two million square feet across the five boroughs.
A.M. Properties has operated in the real estate investment industry for nearly 40 years and currently manages more than two million square feet of office space across Manhattan, New Jersey, and Connecticut. The company has historically focused on underperforming but well-located assets and has recently expanded into higher-quality assets throughout the tri-state region.
KEY QUOTES:
“CitySpire represents the type of opportunity we seek in today’s market. While capital markets remain cautious on office, we see strong fundamentals in premier Midtown assets, where leasing activity and occupancy continue to outperform. CitySpire reflects our focus on highly selective investments with strong downside protection and long-term upside.”
Travis King, Founder And CEO, REALM
