10 Hanover Square trades for $261M

New York /
Mar.March 02, 2011 09:21 AM

Colorado-based multi-family landlord UDR has signed a contract to buy 10 Hanover Square, the 493-unit rental apartment building in the Financial District, for $260.8 million from the Witkoff Group, Bloomberg News reported. The 23-story building — a former office building between Pearl and Water streets that once housed Goldman Sachs and was converted to residences in 2005 — has a 28,000-square-foot fitness center and 41,650 square feet of retail space, which is fully leased. UDR will assume Witkoff’s $192 million mortgage and pony up an additional $4.5 million in cash as part of the deal, which was brokered by Eastdil Secured. It will also issue $64.3 million in equity to Witkoff. The sale price is estimated at around $484,000 per apartment unit. “Our decision to receive nearly all of our equity in the form of operating partnership units in UDR confirms our beliefs in the management team and their ability to create significant long-term value for its shareholders,” said Steven Witkoff, the company’s CEO. [Bloomberg]


Related Articles

arrow_forward_ios
Witkoff's Steve Witkoff and The Brook in Brooklyn (Witkoff, Illustration by The Real Deal with Getty)
Witkoff, Apollo get construction financing for DoBro rental tower
Witkoff, Apollo get construction financing for DoBro rental tower
Public Hotel at 215 Chrystie Street, Steve Witkoff and Ian Schrager (Getty, Google Maps, Witkoff)
Schrager, Witkoff default on Public Hotel mortgage
Schrager, Witkoff default on Public Hotel mortgage
Witkoff CEO Steven Witkoff and 589 Fulton Street in Brooklyn (Witkoff, NQS Creative, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Apollo, Witkoff beat 421a deadline with DoBro tower
Apollo, Witkoff beat 421a deadline with DoBro tower
Witkoff's Alex Witkoff and Access Industries' Len Blavatnik with 76 11th Avenue (Witkoff, Access Industries, Google Maps, iStock)
One High Line launches sales, says goodbye to the “XI”
One High Line launches sales, says goodbye to the “XI”
A photo illustration of prominent guests  at the Witkoff wedding (via Instagram)
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Steve Witkoff and a rendering of 565-589 Fulton Street (Witkoff, Beyer Blinder Belle)
Apollo, Witkoff eye $420M construction loan for downtown Brooklyn site
Apollo, Witkoff eye $420M construction loan for downtown Brooklyn site
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty Images, The XI)
Witkoff, Blavatnik set to resume XI condo project with new contractor
Witkoff, Blavatnik set to resume XI condo project with new contractor
Steve Witkoff and Kenneth Fisher with XI project, Manhattan Mini Storage, Park Avenue Plaza, 292 5th Avenue (Fisher Brothers, Witkoff, iStock)
Financing for huge self-storage deal leads Manhattan’s real estate loans
Financing for huge self-storage deal leads Manhattan’s real estate loans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...