Amstar Group senses potential in West Manhattan and has decided to pull the trigger and buy a luxury multifamily property for $129 million.

The 225-unit property, Henry Hall, is located in Hudson Yards. Shorenstein Investment Advisers and Dreamscape Companies, through a joint venture, sold the asset, with JLL arranging the transaction.

Henry Hall was designed in 2017 to offer a hotel and boutique-like experience to residents, according to JLL. Also, the brokerage refers to Hudson Yards as “one of Manhattan’s most dynamic residential and employment hubs”, with roughly 19 million square feet of Class A office space recently delivered that lures in various tenant sectors, including technology, consulting and finance.

“The combination of its unique character, loyal resident community and prime Hudson Yards location drove strong investor interest. Multiple parties recognized the asset’s quality and the neighborhood’s continued growth trajectory. We’re thrilled to have successfully closed this transaction for both the seller and buyer.”

Also, the property has a 421-a (1-15) real estate tax abatement in effect through 2039.

Henry Hall offers a mix of studios through two-bedroom residencies. Amenities include 12,500 square feet of ground-floor retail, a fitness center, a music room, a terrace and a double-height lobby.

Under the deal, U.S. Bank provided $71 million in acquisition financing to Amstar, which was arranged by JLL.

In Avison Young’s 2025 investment sales report, the multifamily/mixed-use segment saw one of the biggest drops in volume among asset classes tracked, with volume plunging by 35 percent to $1.8 billion on 109 deals. However, pricing per square foot was strong, increasing by 15 percent year-over-year in the sector.