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New York

Brookfield in talks to buy stake in Waterside Plaza: sources

Owner Richard Ravitch developed 1,400-unit complex in 1974

Ric Clark and 30 Waterside Plaza
Ric Clark and 30 Waterside Plaza

UPDATED, July 5, 6:25 p.m.: Brookfield Property Partners is in talks to buy a stake in the 1,400-unit Waterside Plaza complex in Kips Bay.

The $600 million deal is not yet finalized and there’s no guarantee it will go through, sources familiar with the talks told Bloomberg News, which first reported the news.

While Bloomberg reported the deal is for full ownership, sources told The Real Deal that only a stake is up for sale and that several firms, such as Vornado Realty Trust, SL Green Realty, Related Companies and Westbrook Partners, are still in the mix. Sources added the winning bidder would take a stake in a deal that would allow the owner to eventually exit.

The sprawling complex includes apartments, stores and space rented to the British International School of New York. The owner is Richard Ravitch, a former lieutenant governor of New York and onetime chairman of the Metropolitan Transportation Authority.

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Ravitch built Waterside Plaza in 1974, and had previously said it was designed to be “the most densely integrated, dynamically designed development in the whole city.”

Cushman & Wakefield’s Adam Spies and Doug Harmon are marketing the stake for sale.

Brookfield, meanwhile, has been expanding its multifamily portfolio. In April, the firm signed a contract to buy a 1,300-unit development site in the Bronx, and the following month announced it plans to build two more residential towers at Greenpoint Landing in Brooklyn.

 

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