Prime Midtown Location Near Central Park With 98% Occupancy, $22M in Recent Capital Improvements
NEW YORK, May 26, 2026 /PRNewswire/ — REALM, in partnership with DelShah Capital and A.M. Properties, today announced the acquisition of CitySpire, a 377,000-square-foot office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown Manhattan.
CitySpire 156 W 56th Street, Midtown Manhattan
Adjacent to Central Park with strong transit access and exceptional amenities, CitySpire is a Class A office asset located in one of Manhattan’s most sought-after office corridors. Purchased at an attractive 8.5% cap rate, the 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, with 98% occupancy, and requires no near-term capital expenditures, supporting durable cash flow and attractive investor returns. Manhattan office leasing activity reached pre-pandemic highs in late 2025, further strengthening market fundamentals.
“CitySpire represents the type of opportunity we seek in today’s market,” said Travis King, Founder and CEO of REALM. “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.”
Green Street ranks New York office assets first in the United States for projected five-year M-RevPAF growth at 5.3%, reinforcing expectations that well-located Midtown properties will benefit from durable tenant demand and constrained new supply.
About REALM
REALM is an exclusive investment collective consisting of more than 130 family offices dedicated to direct real estate investing. An invite-only platform, REALM leverages the relationships, experience, and capital of its members to source and execute superior real estate investments. With over $6 billion of real estate transaction experience, REALM’s principals have a proven track record of investing successfully across a variety of property types, geographies, and cycles. REALM
About Delshah Capital
Delshah Capital is a New York City-based vertically integrated real estate private equity and asset management firm focused on multifamily, office, retail, and hospitality investments throughout New York City. Founded in 2006, the firm currently owns and operates a portfolio totaling more than two million square feet across the five boroughs.