TF Cornerstone pays $140M for Williamsburg multifamily building

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

TRD New York /
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.


Related Articles

arrow_forward_ios
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

Brooklyn luxury home sales remain 80% below last year

Brooklyn luxury home sales remain 80% below last year
Clockwise from top left: 190 Beach 69th Street, 47-20 Center Boulevard and 2505 Bruckner Boulevard

These were the top outer borough loans last month

These were the top outer borough loans last month
46 Cook Street in Brooklyn (Credit: Google Maps)

Williamsburg biz takes 53% more space to meet demand

Williamsburg biz takes 53% more space to meet demand
Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

HUBBNYC buys Williamsburg mixed-use building for $84M
The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Williamsburg pad hits market for almost $9M
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

TF Cornerstone exec: How I got over Amazon dumping LIC
G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)

Hager family lands $84M loan for Williamsburg project

Hager family lands $84M loan for Williamsburg project
arrow_forward_ios

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

Loading...