Archstone pays $342 million for NYC apt.

DENVER, Jan. 9 (UPI) -- Archstone-Smith Trust paid $342 million to buy The Gershwin, a 40-story, 550-unit apartment building in Manhattan.

The purchase brings to nine the number of apartments AST owns in New York, the company said Monday.

The equity for the deal was funded with tax-deferred exchange proceeds from asset sales plus $7.5 million of operating partnership units.

Archstone-Smith also assumed $100.5 million of tax-exempt floating rate bond financing and $11.8 million of conventional debt at an estimated combined all-in interest rate of 4.1 percent.