Mack Real Estate, partners sell stake in Greenpoint tower

STRS Ohio buys into 21 India Street at valuation north of $350M

TRD New York /
Sep.September 19, 2019 07:30 AM
Mack Real Estate Group's Richard Mack and The Greenpoint at 113 Franklin Street (Credit: Getty Images and Wikipedia)

Mack Real Estate Group’s Richard Mack and The Greenpoint at 113 Franklin Street (Credit: Getty Images and Wikipedia)

The Ohio teachers’ pension plan bought a stake in one of Greenpoint’s new mixed-use towers in a deal that values the property at more than $350 million.

The Ohio State Teachers Retirement System acquired a 50 percent stake in the rental and retail portion of The Greenpoint tower on the East River, sources told The Real Deal.

A partnership of Mack Real Estate, Palin Enterprises and Urban Development Partners developed the 40-story building at 21 India Street, which includes 95 condominium units, 287 rentals and ground-floor retail.

The pension plan – known as STRS Ohio – cut a check for $95 million to purchase its stake in the property, according to a source familiar with the deal.

A representative for STRS could not be immediately reached for comment. A spokesperson for Mack Real Estate declined.

A Cushman & Wakefield team of Adam Spies, Doug Harmon, Marcella Fasulo and Avery Silverstein represented the sellers. The brokers could not be immediately reached.

The Ismael Levya Architects-designed 21 India Street is among a wave of new residential development that, alongside the 22-acre megaproject at Greenpoint Landing, is bringing more than 3,000 new apartments to the trendy North Brooklyn neighborhood.

Palin Enterprises bought the property for $84.6 million in 2006 and developed the tower with a $290 million construction loan from the New York State Housing Finance Agency. The owners refinanced the tower in July with a $175 million loan from HSBC.

STRS Ohio, meanwhile, bought a 20 percent stake in the Related Companies and Oxford Properties Group’s 10 Hudson Yard last year for $432 million.

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