REALM, in partnership with Delshah Capital and A.M. Properties, has acquired CitySpire, a 377,000-square-foot office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown Manhattan. Purchased at an 8.5% cap rate, the 98% occupied property features renovated common areas, high-end finishes and a roster of tenants including Caleres, Windels Marx Lane & Mittendorf, LLP and New York Road Runners.
Built in 1987 and maintained by institutional ownership, the property has undergone approximately $22 million in capital improvements and requires no near-term capital expenditures, REALM said, noting that. Manhattan office leasing activity reached pre-pandemic highs in late 2025.
“CitySpire represents the type of opportunity we seek in today’s market,” said Travis King, founder and CEO of REALM, an investment collective of 130 family offices. “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.”
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