The 31-story apartment tower at 1438 Third Avenue between 81st and 82nd Streets has been acquired by Broad Street Development, which is headed by Raymond Chalme and Daniel M. Blanco.

Broad Street acquired the building and the adjoining six-story, 21-unit, red-brick building at 1430 Third Avenue on the northwest corner at 81st Street from the General Investment Development Cos., for about $85 million.

The beige-brick tower has 147 apartments, consisting of studios and one- and two-bedroom units. Many of the units have balconies, and published reports indicated that Broad Street intends spend about $15 million on capital improvements such as new kitchens, bathrooms, hardwood floors and a new lobby and convert it to 87 condominium apartments.

The building has a one-story rusticated limestone base with a canopied entrance and discrete air-conditioners. The tower is setback at the 2nd and 9th floors, and has some corner windows and is across the avenue from two other tall apartment buildings.

The building was erected in 1985 with some air-rights from neighboring properties and therefore has excellent views to the west. Known as Turnberry Tower, it was designed by Wechsler, Grasso & Menziuso, whose other Manhattan high-rises include the Europa, Channel Club, Bentley and Highpoint.

Mr. Chalme founded Broad Street in 2004 when it acquired the office building at 61 Broadway. He is president of Broad Street and formerly was a principal with JEMB Realty, which is headed by Morris Bailey, who is Mr. Chalme's father-in-law. Mr. Chalme ontinues his ownership in assets of 75 Broad Street and Herald Towers. Mr. Blanco is executive vice president of Broad Street and also was formerly with JEMB Realty.