Brookfield buying more of NY REIT’s holdings

REIT in contract to sell West Village retail

Mar.March 02, 2018 02:30 PM

From left: 379 and 350 Bleecker Street, Ric Clark and Wendy Silverstein

Brookfield Property Partners is buying more of New York REIT’s holdings, the few remaining properties not yet sold in the real estate investment trust’s liquidation, sources told The Real Deal.

The Toronto-based office giant is in contract to acquire a pair of West Village retail units at 350 and 367-387 Bleecker Street for $31.5 million.

New York REIT announced Thursday in a fourth-quarter earnings release that the deal went under contract Feb. 15 with an unidentified buyer. Brookfield picked up the 350,000-square-foot office building at 333 West 34th Street from the REIT for $255 million late last year.

The co-op unit at 350 Bleecker holds a Quik Park garage and vacant ground-floor space once leased to JMC Shoes and SP Fashions. The retail condominium unit at the base of the Maison Pierre, at 367-387 Bleecker, is leased to luxury brands Diptyque, Brunello Cucinelli and UMA Raquel Davidowicz.

The Bleecker Street properties are part of the collateral for New York REIT’s loans totaling $760 million, the release said. In connection with the sale, New York REIT expects to pay down the loans by $21.1 million.

New York REIT also is in contract to sell a one-story retail building at 2067-2073 Coney Island Avenue in Brooklyn’s Homecrest neighborhood for $30.5 million.

Both deals are expected to close in the second quarter. RKF’s Jeff Fishman is brokering the Brookfield deal, and Cushman & Wakefield’s Bob Knakal and Adam Spies are handling the Brooklyn trade.

New York REIT and the brokers declined to comment, and Brookfield could not be immediately reached.

The only remaining New York REIT assets not sold or in contract are the Viceroy Hotel at

120 West 57th Street; a parking garage at 33 West 56th Street; and a 50.1 percent stake in One Worldwide Plaza at 350 West 50th Street, according to the company. SL Green Realty and RXR Realty took the other portion of One Worldwide Plaza last year, valuing the Midtown office tower at $1.7 billion.

Kathryn Brenzel contributed reporting.

Related Articles

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Brookfield Property Partners CEO Brian Kingston (Credit: Brookfield, iStock)

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline