TF Cornerstone pays $140M for Williamsburg multifamily building

Nuveen sold the 234-unit property for $30M less than it paid

Jan.January 21, 2020 03:00 PM
250 North 10th Street and TF Cornerstone president Frederick Elghanayan (Credit: Google Maps)

250 North 10th Street and Frederick Elghanayan, president of TF Cornerstone (Credit: Google Maps)

TF Cornerstone has purchased a Brooklyn apartment building for $137.75 million — more than $30 million less than the seller paid a few years ago.

The developer bought the 234-unit property at 250 North 10th Street in Williamsburg, and secured an $82.75 million mortgage from M&T Realty Capital, according to property records.

The seller was Nuveen, which paid $169 million for the property in 2015.

TF Cornerstone partnered on the purchase of the 150,000-square-foot building with Trinity Place Holdings, according to RE Business.

Representatives for TF Cornerstone, Nuveen and Trinity did not respond to requests for comment.

The six-story building has rents ranging from $2,795 to $6,195, according to StreetEasy.

In November, Wharton Properties’ Jeff Sutton bought a one-story Williamsburg building at 166 Berry Street for $20 million, or $3,226 per square foot, which the seller’s brokers said was a record for the neighborhood.

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