Moinian sells block of W Downtown condos for $27M

San Francisco-based buyer American Pacific deploys Chinese capital 

TRD New York /
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

arrow_forward_ios
Four New York Plaza (Photo via Hines)

Four New York Plaza office tower hits the market

Four New York Plaza office tower hits the market
Sales prices in the Financial District prove to be an outlier in Lower Manhattan and the borough as whole (iStock)

Financial District sales price jumped 123% last quarter: report

Financial District sales price jumped 123% last quarter: report
161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

Construction loan tied to “leaning” Seaport condo up for sale

Construction loan tied to “leaning” Seaport condo up for sale
175 Water Street and Nathan Berman of Metro Loft Management (Berman via CityRealty)

Inside Metro Loft’s new design for 175 Water Street

Inside Metro Loft’s new design for 175 Water Street
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
As Lower Manhattan’s sales and leasing volume slowed last quarter, prices and rents remained high. (iStock)

Home sales, leasing took a nosedive in Lower Manhattan in Q2

Home sales, leasing took a nosedive in Lower Manhattan in Q2
Sonder CEO Francis Davidson (Credit: Linkedin)

“Nightmare” on Broad Street: lawsuit

“Nightmare” on Broad Street: lawsuit
arrow_forward_ios

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

Loading...