Metro Loft buys Vanbarton out of 180 Water

Partners converted office tower into rental apartments

TRD NEW YORK /
Jun.June 28, 2017 09:04 AM

Metro Loft’s Nathan Berman and 180 Water Street

Nathan Berman’s Metro Loft Management is paying $450 million to buy its partner Vanbarton Group out of the rental apartment tower 180 Water Street TRData LogoTINY.

Metro Loft bought a 10 percent stake in the tower in 2014 and a year later the two firms launched a $100 million office-to-residential conversion, the New York Post reported. The 24-story, 567,221-square-foot building now includes 573 apartments, with asking rents ranging from $2,690 for a studio to $7,190 for a three-bedroom pad.

The Real Deal recently reported that the tower has been offering concessions to tenants amid a weakening luxury rental market. Cushman & Wakefield’s Adam Doneger and Joshua King brokered the sale.

Metro Loft, which is also behind the conversion of celebrity-filled 443 Greenwich Street, is currently converting the office tower 20 Broad Street into apartments.  [NYP]Konrad Putzier

(To view more of Metro Loft Management’s commercial sales transactions, click here)


Related Articles

arrow_forward_ios
Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

Rodrigo Niño, 17 John Street and 85 West Broadway (Credit: Prodigy Network, Google Maps)

Crowdfunding firm seeks $30M bailout for second commercial building

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions

Mayor Bill de Blasio and Westchester Square Hospital in the Bronx (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images; Google Maps)

New York City seeking sites for coronavirus triage centers

arrow_forward_ios
Loading...