Argentinian firm revealed as buyer of Related’s One Union Square

Raghsa paid $211M for mixed-use building

New York /
Nov.November 30, 2020 03:40 PM
 One Union Square South (StreetEasy)

One Union Square South (StreetEasy)

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.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    Meyer Orbach with One and Two Sutton Place North (CityRealty)
    Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
    Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
    From left: Wafra’s Fawaz Al-Mubaraki and The Westover Companies’ Guntram Weissenberger with 138 East 12th Street (JLL, Getty, Wafra, The Westover Companies)
    Wafra sells East Village’s The Nathaniel for $57M
    Wafra sells East Village’s The Nathaniel for $57M
    From left: 608 Fifth Avenue, 22 North Loop Road, 38 West 36th Street (608 Fifth, Weiss/Manfredi, Morphosis, and Handel Architects, Apartments, Getty)
    Top 10 Manhattan loans: Big lending enters deep freeze
    Top 10 Manhattan loans: Big lending enters deep freeze
    (Illustration by The Real Deal; Getty)
    Just 2 percent of US office market slotted for conversion
    Just 2 percent of US office market slotted for conversion
    Long Island developer Robert DiNoto (Getty, Google Maps, Robert DiNoto)
    Tri-state roundup: LI developer divests after guilty plea
    Tri-state roundup: LI developer divests after guilty plea
    arrow_forward_ios

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

    Loading...