Jamestown Properties has paid Waterton Associates close to $240 million for 88 Leonard Street, a 352-unit rental property in Tribeca.
Waterton had been hoping to fetch about $300 million, or about $983 per square foot, for the 21-story, 305,000-square-foot property, located between Church and Broadway streets. The firm had paid $210 million for the property in 2011. Jamestown’s purchase price works out to about $786 per square foot.
Meridian Investment Sales’ Helen Hwang, Karen Wiedenmann, Brian Szczapa and John Charters brokered the deal on behalf of Waterton, the Commercial Observer reported. A spokesperson for Jamestown told the publication that the investment firm has yet to decide what it intends to do with the property. Monthly rents run from $3,275 for a studio to just over $7,000 for a five-bedroom pad, according to StreetEasy. The property also includes over 11,000 square feet of retail space.