The Real Deal New York

Waterton puts 21-story Tribeca rental on the market

Firm acquired 352-unit property for $210 million in 2011

October 27, 2015 06:04PM

Waterton Residential is looking to sell a 21-story, 352-unit rental building in Tribeca.

Waterton, a subsidiary of Chicago-based Waterton Associates, acquired the property at 88 Leonard Street in 2011 for $210 million from the original developers – a partnership between real estate investment firm Africa Israel USA and developer Shaya Boymelgreen.

The property also has more than 11,000 square feet of retail space and a 249-space parking garage, according to Crain’s.

While Tribeca has become one of the city’s most expensive neighborhoods amid the condo boom, few rental projects are being built in the area and Waterton hopes the Costas Kondylis-designed building can fetch as much as $300 million.

Rents at 88 Leonard Street have risen 20 percent since 2012 – far higher than rental increases in other neighborhoods and driven by the scarcity of rental units.

The building was also at the center of an apartment scam earlier this year, with Louise Meanwell — the alleged stalker of New York Yankees general manager Brian Cashman — accused of lying to score a subsidized apartment in the building. [Crain’s]Rey Mashayekhi