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 .
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)