Argentinian firm Raghsa has been revealed as the buyer of the Related Companies’ One Union Square South.
The Buenos Aires-based real estate developer bought the property for slightly more than $211 million, records filed with the city Monday show. Fannie Mae provided a $120 million loan to finance the acquisition.
A representative for Raghsa, headed by CEO Moisés Khafif, could not immediately be reached for comment.
The Real Deal first reported that New York-based MKF Realty was purchasing the property on behalf of an overseas investor.
A representative for MKF said the company will manage the property on behalf of Raghsa.
The 240-unit property is one of the largest multifamily buildings to trade since the pandemic all but shut down the city’s investment sales market.
Stephen Ross’s Related developed the 27-story, 174,000-square-foot building in 1998. In addition to the residential units, it has a retail component leased to Best Buy, Nordstrom Rack and Regal Cinemas, which announced last month it was suspending operations at its U.S. theaters.
The new owners of One Union Square South plan to renew a regulatory agreement to preserve the affordability of apartments in the building.
Brokers at Meridian Capital Group negotiated the sale and arranged the financing.