Centurion snatches up UWS apartment building for $227M

Buyer also secures about $204 million in financing from KREF

TRD New York /
Jan.January 02, 2019 01:45 PM

200 West 72nd Street

TIAA’s real estate investment arm sold an Upper West Side apartment building to Centurion Property Investors.

Centurion picked up 200 West 72nd Street, a rental building known as The Corner, for about $227 million, according to a filing with the New York City Department of Finance.

Centurion and TIAA did not immediately return requests for comment. Commercial Observer first reported news of the financing.

Centurion secured about $204 million in financing for the deal from KKR Real Estate Finance. The deal includes a $53.9 million gap mortgage, an $18.1 million project mortgage and a $27.5 million building mortgage.

The teacher’s pension fund bought the property, which has 196 residential units, from the building’s developer, the Gotham Organization in 2011 for $209 million.

The transaction marks the second recent sale for TH Real Estate. Last month, TH Real Estate and Norway’s sovereign wealth fund sold 470 Park Avenue South for $245 million to PGIM Real Estate and SJP Properties.


Related Articles

arrow_forward_ios
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

Book Culture at 450 Columbus Avenue (Credit: Google Maps)

Upper West Side bookstore closes amid accusations of fraud

250th Issue

The Real Deal celebrates 250 issues

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

Neir’s Tavern (Credit: Google Maps)

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

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

arrow_forward_ios
Loading...