The Real Deal New York

Moinian sells block of W Downtown condos for $27M

San Francisco-based buyer American Pacific deploys Chinese capital 

July 02, 2015 03:05PM
By Rich Bockmann


From left: The W Downtown and Joseph Moinian

The Moinian Group sold a block of condo units at the W Downtown to American Pacific International Capital for about $27 million, according to property records filed with the city.

American Pacific, a development and investment firm that deploys Chinese capital, closed on the purchase of the 32 units last month for $26.9 million, records show.

APIC, based in San Francisco and Singapore and formed in 2002, develops residential and hospitality projects in the United States and China.

Bob Knakal of Cushman & Wakefield represented the seller. Neither Moinian nor APIC could be immediately reached.

The condos, located on the 23rd through 26th floors of the building at 123 Washington Street, are leased through 2016 to a management firm that rents them out as extended-stay hotel rooms.

The W Downtown is a 57-story, mixed-use tower with hotel rooms on the lower floors and a mix of rentals and condos toward the top.

The Moinian Group kicked off construction in 2006, and the project struggled to get its footing on the sales side. But, by last year, the building was setting sales records in the Financial District, which is now one of the most buzzed-about corners of the city with the ongoing reinvention of the World Trade Center and a slew of residential projects.

On the other side of the neighborhood toward the South Street Seaport, Moinian plans to build a 28-story residential tower.