Mack Real Estate, partners sell stake in Greenpoint tower

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

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.


Related Articles

arrow_forward_ios
MTA plans mixed-use redevelopment for Greenpoint waterfront
MTA plans mixed-use redevelopment for Greenpoint waterfront
MTA plans mixed-use redevelopment for Greenpoint waterfront
Denizen Bushwick at 54 Noll Street (Photo via Google Maps)
All Year reaches deal to sell Denizen for $500M — but there’s a catch
All Year reaches deal to sell Denizen for $500M — but there’s a catch
18 India Street and Greenpoint Landlease Global CEO Tony Lombardo (Google Maps, Lendlease)
Lendlease files plans for 14-story mixed-use building in Greenpoint
Lendlease files plans for 14-story mixed-use building in Greenpoint
The bankruptcy filing was made to protect the value of the Denizen. (The Denizen)
All Year LLC opts for bankruptcy to stop Bushwick foreclosure
All Year LLC opts for bankruptcy to stop Bushwick foreclosure
The Denizen in Bushwick with Mack Real Estate CEO Richard Mack (Illustration by Kevin Rebong for The Real Deal)
All Year files last-minute lawsuit to block Bushwick mezz foreclosure
All Year files last-minute lawsuit to block Bushwick mezz foreclosure
332 Monitor Street and 1400 Benson Street, which were sold last week. (Google Maps)
ExxonMobil sells Greenpoint parcel decade after agreeing to big cleanup
ExxonMobil sells Greenpoint parcel decade after agreeing to big cleanup
The Denizen in Bushwick with Mack Real Estate CEO Richard Mack (Google Maps; Getty)
All Year faces foreclosure on part of Bushwick apartment complex
All Year faces foreclosure on part of Bushwick apartment complex
RedSky Capital’s Benjamin Bernstein and 1 Java Street in Greenpoint (Credit: ICSC and Google Maps)
RedSky puts Greenpoint dev site on market asking $165M
RedSky puts Greenpoint dev site on market asking $165M
arrow_forward_ios

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

Loading...