The Real Deal New York

Rockpoint to buy adjacent Wall Street rental towers for $430M

The Crest and 67 Wall have 810 apartments between them
April 20, 2016 08:09AM

Rockpoint's Kieth Gelb and 63 and 67 Wall Street

Rockpoint’s Keith Gelb and 63 and 67 Wall Street

The Rockpoint Group is making a big bet on Downtown residential.

The real estate-focused private equity firm agreed to buy two connected rental buildings at 63 and 67 Wall Street from DTH Capital and Metro Loft Management for $430 million, or about $545,000 per unit, the New York Post reported.

The two buildings compromise an entire block and total 810 apartments.

The 476-unit, 400,000-square-foot 63 Wall Street, known as the Crest and formerly as the Wall and Hanover Building, was built in 1929 and once housed the headquarters of private bank Brown Brothers Harriman. Metro Loft, which is behind the conversion of 20 Broad Street, converted it to apartments in 2003 and 2004.

The adjacent 67 Wall Street has 317 units within 303,000 square feet of space. It was built in 1921 for Munson Shipping Company.

The properties have 10,000 square feet feet of connected amenity spaces, and about 20,000 square feet of retail, including locations occupied by La Maison du Chocolate and Tumi.

Eastdil Secured’s Doug Harmon and Adam Spies brokered the deal. [NYP]Ariel Stulberg