The Real Deal New York

Centurion snatches up UWS apartment building for $227M

Buyer also secures about $204 million in financing from KREF
By Mary Diduch | January 02, 2019 01:45PM

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.