Related in contract to sell office development 300 Lafayette: sources

Deal with Nightingale includes a ground lease: sources
By Konrad Putzier and Mark Maurer | October 27, 2017 12:13PM

Related’s Jeff Blau and rendering of 300 Lafayette Street in Soho (Credit: COOKFOX)

Nightingale Properties is in contract to buy the Related Companies’ Soho office and retail development 300 Lafayette Street, sources told The Real Deal.

The building is currently under construction and Related plans to finish the development before handing over the keys. Nightingale is paying between $130 million and $140 million, according to sources, but because the deal includes a ground lease the transaction’s total value for Related is likely much higher.

Related and its partner LargaVista Companies began work on the development, which will include 30,000 square feet of retail and 53,000 square feet of office space, in early 2016. Last year, they landed a $88 million construction loan from Deutsche Bank.

Nightingale TRData LogoTINY, a Manhattan-based investment firm founded by Elie Schwartz and Simon Singer, is also negotiating to buy HNA Group and Murray Hill Properties’ 1180 Sixth Avenue for $320 million.

Related declined to comment and Nightingale did not respond to requests for comment.