Brookfield, Ravitch ink $582M deal for Waterside Plaza

The investment giant closed on the deal Oct. 28, according to public records

New York /
Nov.November 17, 2021 03:45 PM
Brookfield, Ravitch ink $582M deal for Waterside Plaza

Bruce Flatt of Brookfield Asset Management, Richard Ravitch, and Waterside Plaza on East 25th Street (Waterside Plaza, Wikipedia, Photo illustration by Priyanka Modi)

Brookfield Asset Management paid former New York Lieutenant Governor Richard Ravitch $582 million for Waterside Plaza, three years after it first bought a stake in the four-tower complex along the FDR Drive and East 25th Street.

The deal closed on Oct. 28, according to New York City public records, three months after The Real Deal reported the sale. Though the price wasn’t disclosed at the time, people familiar with the deal told TRD that the deal valued Waterside at about $600 million. Brookfield’s real estate arm purchased its initial stake in 2018.

In addition to taking full ownership of the mixed-use property, Brookfield said it is also taking over management. Doug Harmon and Adam Spies of Cushman & Wakefield brokered the deal.

Ravitch, the former head of the Metropolitan Transportation Association, built the 1,471 apartment development in 1974 using Mitchell-Lama affordable financing. Ravitch exited the program about 20 years ago and most of the units are now market-priced.
The city and Ravitch struck a deal in August 2018 to preserve the affordability of 325 units for the next 75 years, according to local City Council member Keith Powers. That agreement was part of a plan to extend the ground lease for 99 years, which remains under the city’s uniform land use review process.

Brookfield is one of the most active buyers and sellers of real estate in New York City. Brookfield, along with Nuveen, the real estate arm of TIAA, recently listed a 76-story Frank Gehry-designed rental tower in Lower Manhattan for just above $850 million.





    Related Articles

    arrow_forward_ios
    From left: Standard International's Amar Lalvani and SIXTY Collective's Jason Pomeranc along with the SIXTY Soho Hotel (Getty, Facebook/SIXTY Soho)
    Standard buys Sixty Soho hotel for apparent post-Covid record price
    Standard buys Sixty Soho hotel for apparent post-Covid record price
    781 Fifth Avenue and Howard Lorber
    Full 17th floor at Sherry-Netherland asks $30 million
    Full 17th floor at Sherry-Netherland asks $30 million
    A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
    Map: Here’s a treasure trove of Manhattan resi development sites
    Map: Here’s a treasure trove of Manhattan resi development sites
    From left: Värde Partners’ IIfryn Carstairs and Hawkins Way Capital’s Ross Walker along with 525 Lexington (Getty, Värde Partners, Hawkins Way Capital, Google Maps)
    Hawkins Way, Värde buy defunct Marriott East Side hotel
    Hawkins Way, Värde buy defunct Marriott East Side hotel
    A photo illustration of 8 Spruce Street and 616 First Avenue (Getty, Google Maps)
    NYC multifamily sales boomed, but party could be over
    NYC multifamily sales boomed, but party could be over
    (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, James Gagliardi of Modern Media)
    PHOTOS: Brown Harris Stevens turns 150
    PHOTOS: Brown Harris Stevens turns 150
    15 West 45th Street, CapitaLand’s Eaton Zhou
    Midtown hotel trades for $38M in another slow week for midsize i-sales
    Midtown hotel trades for $38M in another slow week for midsize i-sales
    944 Fifth Avenue and Central Park Tower at 217 West 57th Street
    Central Park Tower condo tops Manhattan luxury contracts
    Central Park Tower condo tops Manhattan luxury contracts
    arrow_forward_ios

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

    Loading...