The Real Deal New York

TIAA-CREF buys Williamsburg rental building for $169M

Deal is neighborhood's largest so far this year
May 05, 2015 09:00AM

TIAA-CREF is buying a 234-unit residential building in Williamsburg for $169 million from a partnership between real estate investment firm LCOR and the California State Teachers Retirement System.

The sale of 250 North 10th Street, which spans roughly 150,000 square feet and is one of the area’s biggest residential buildings, is the largest deal in Williamsburg so far this year, according to Crain’s.

LCOR and CalSTRS bought the six-story property in 2011 from the Rabsky Group for less than $20 million.

HFF’s Andrew Scandalios represented the sellers.

“Interest rates are low and real estate prices are high, “executive vice president and principal at LCOR David Sigman told Crain’s. “We realized now was the perfect time to sell.” [Crain’s] — Claire Moses