Centurion snatches up UWS apartment building for $227M

Buyer also secures about $204 million in financing from KREF

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
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Anita Durst and images of Chashama (Photos via Getty, Chashama)
Durst-backed nonprofit puts startups into empty storefronts
Durst-backed nonprofit puts startups into empty storefronts
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
Major FiDi landlord resigns as bank chairman after stock windfall
Major FiDi landlord resigns as bank chairman after stock windfall
Nationally, just under one-third of office workers have returned to the office spaces they occupied before the pandemic. (iStock)
Employers face uphill battle luring staff back to the office
Employers face uphill battle luring staff back to the office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...