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