Waterton puts 21-story Tribeca rental on the market

Firm acquired 352-unit property for $210 million in 2011

New York /
Oct.October 27, 2015 06:04 PM

Waterton Residential is looking to sell a 21-story, 352-unit rental building in Tribeca.

Waterton, a subsidiary of Chicago-based Waterton Associates, acquired the property at 88 Leonard Street in 2011 for $210 million from the original developers – a partnership between real estate investment firm Africa Israel USA and developer Shaya Boymelgreen.

The property also has more than 11,000 square feet of retail space and a 249-space parking garage, according to Crain’s.

While Tribeca has become one of the city’s most expensive neighborhoods amid the condo boom, few rental projects are being built in the area and Waterton hopes the Costas Kondylis-designed building can fetch as much as $300 million.

Rents at 88 Leonard Street have risen 20 percent since 2012 – far higher than rental increases in other neighborhoods and driven by the scarcity of rental units.

The building was also at the center of an apartment scam earlier this year, with Louise Meanwell — the alleged stalker of New York Yankees general manager Brian Cashman — accused of lying to score a subsidized apartment in the building. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
381 Broadway (Google Maps)

Two-year foreclosure battle in Tribeca culminates in bankruptcy filing

Two-year foreclosure battle in Tribeca culminates in bankruptcy filing
Toni Morrison and her former Tribeca home (Getty, BHS)

Toni Morrison’s Tribeca loft hits the market

Toni Morrison’s Tribeca loft hits the market
Gov. Andrew Cuomo (Getty)

NY Fashion Week gets go-ahead with (very) strict limits

NY Fashion Week gets go-ahead with (very) strict limits
108 Leonard Street with Nicole Kidman and Keith Urban (Google Maps, Getty)

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion
Noah Syndergaard and 116 Hudson Street (Getty, Google Maps)

Mets’ Noah Syndergaard sued for abandoning Tribeca penthouse rental

Mets’ Noah Syndergaard sued for abandoning Tribeca penthouse rental
Abel Tesfaye aka The Weeknd and 433 Greenwich Street Penthouse D (Credit: Gina Wetzler/Redferns via Getty Images)

The Weeknd’s former Tribeca rental hits the market

The Weeknd’s former Tribeca rental hits the market
Tribeca neighbors locked in a protracted legal dispute over access to an alley, 5 Franklin Place, raise questions about city agencies’ actions after lobbying. (Credit: Google Maps, Wikipedia Commons, iStock)

In Tribeca, an alley fight for the ages

In Tribeca, an alley fight for the ages
arrow_forward_ios

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

Loading...