Moinian sells block of W Downtown condos for $27M

San Francisco-based buyer American Pacific deploys Chinese capital 

Jul.July 02, 2015 03:05 PM

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.

Related Articles

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

The Moinian Group's Joseph Moinian, 3 Hudson Boulevard and Boston Properties' Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)

Hudson Yards district’s newest office tower to cost $2.6B

Joe Moinian and 90 Washington Street (Credit: Google Maps, iStock)

Moinian sued for charging market-rate rents despite tax break

Rudin Management's Bill Rudin and 55 Broad Street (Credit: Getty Images and Google Maps)

Charter school inks lease for FiDi office

45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

Bob Gladstone, Gemdale put FiDi supertall on hold

25 Broad Street and renderings of interior units from (Credit: Google Maps and Booking)

LCOR lands rental deal with for empty condos

Fosun Property’s Bo Wei, Refinitiv’s David Craig and 28 Liberty Street (Credit: Getty Images, Google Maps)

Fintech firm signs on for massive lease at 28 Liberty

(Credit: iStock)

Sales plunge in FiDi but surge 32% in Battery Park City