Westbrook Partners coughed up more than $200 million to take a majority stake in the 1.1 million-square-foot St. John’s Terminal, in a deal that values the property at $650 million.
Westbrook bought out its partner, Fortress Investment Group, at the four-story building at 550 Washington Street across from Hudson River Park’s Pier 40, Crain’s reported.
Eastdil Secured’s Doug Harmon and Adam Spies brokered the deal. Atlas Capital Group still owns a minority stake in the property.
Westbrook could overhaul the building or tear it down and construct a new structure. In addition to the 1.1 million-square-foot terminal, the site has an additional 280,000 square feet of unused development rights.
Last year the St. John’s owners were in talks with the park organization to purchase $100 million worth of air rights from the pier, a deal that is reportedly on the table.
The owners last year were considering a condo project with 450,000 square feet of residential space. [Crain’s] — Rich Bockmann