Metro Loft buys Vanbarton out of 180 Water

Partners converted office tower into rental apartments

Metro Loft's Nathan Berman and 180 Water Street
Metro Loft's Nathan Berman and 180 Water Street

Nathan Berman’s Metro Loft Management is paying $450 million to buy its partner Vanbarton Group out of the rental apartment tower 180 Water Street [TRDataCustom].

Metro Loft bought a 10 percent stake in the tower in 2014 and a year later the two firms launched a $100 million office-to-residential conversion, the New York Post reported. The 24-story, 567,221-square-foot building now includes 573 apartments, with asking rents ranging from $2,690 for a studio to $7,190 for a three-bedroom pad.

The Real Deal recently reported that the tower has been offering concessions to tenants amid a weakening luxury rental market. Cushman & Wakefield’s Adam Doneger and Joshua King brokered the sale.

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Metro Loft, which is also behind the conversion of celebrity-filled 443 Greenwich Street, is currently converting the office tower 20 Broad Street into apartments.  [NYP]Konrad Putzier

(To view more of Metro Loft Management’s commercial sales transactions, click here)