The Real Deal New York

Jamestown buys Tribeca rental from Waterton for $240M

Waterton had been hoping for up to $300M for the 305K sf property at 88 Leonard

September 19, 2016 05:05PM

88 Leonard Street in Tribeca (inset: Jamestown’s Michael Phillips)

88 Leonard Street in Tribeca (inset: Jamestown’s Michael Phillips)

Jamestown Properties has paid Waterton Associates close to $240 million for 88 Leonard Street, a 352-unit rental property in Tribeca.

Waterton had been hoping to fetch about $300 million, or about $983 per square foot, for the 21-story, 305,000-square-foot property, located between Church and Broadway streets. The firm had paid $210 million for the property in 2011. Jamestown’s TRData LogoTINY purchase price works out to about $786 per square foot.

Meridian Investment Sales’ Helen Hwang, Karen Wiedenmann, Brian Szczapa and John Charters brokered the deal on behalf of Waterton, the Commercial Observer reported. A spokesperson for Jamestown told the publication that the investment firm has yet to decide what it intends to do with the property. Monthly rents run from $3,275 for a studio to just over $7,000 for a five-bedroom pad, according to StreetEasy. The property also includes over 11,000 square feet of retail space.

Jamestown recently sold a Koreatown office tower at 1250 Broadway for $565 million to Eyal Ofer’s Global Holdings.  [CO]Miriam Hall