The Real Deal New York

Jamestown gets $64M loan for Bronx buy

Owner of Chelsea Market and Industry City has acquired 260 East 161st Street
By Eddie Small | December 19, 2017 05:00PM

Jamestown’s Michael Phillips and 260 East 161st Street

Jamestown has purchased a major South Bronx office-and-retail building for about $115 million, which they are funding with a $63.7 million loan, according to property records.

The company, which also owns Chelsea Market and Industry City, has acquired 260 East 161st Street, located in the heart of The South Bronx Across The Street from the courthouses and a few blocks away from Yankee Stadium. Tenants include Starbucks, Chipotle, the Legal Aid Society and Montefiore Medical Center.

The loan comes from Premier Funding Holdco and includes a $5.7 million gap mortgage.

HFF’s Christopher Peck and Peter Rotchford brokered the financing.

Acadia Realty Trust sold the building, which spans 276,622 square feet and stands 10 stories tall.

Acadia also recently sold a five-story building at 201 East 67th Street to the Feil Organization for $27 million.