Related scores $258M Blackstone loan for luxury Tribeca apartment building
Developer to refurbish Truffles Tribeca as Manhattan’s rental market rebounds
Truffles Tribeca is due for a new sugary coating, with Related planning to refurbish the luxury apartment building overlooking the Hudson River at 34 Desbrosses Street.
The Stephen Ross-led developer landed a $258 million construction loan from Blackstone for the project, the Financial Times reported. Related will work on updating both the interior and exterior of the 291-unit building, which has already been emptied ahead of a gut renovation.
Newmark’s Jordan Roeschlaub and Dustin Stolly arranged the debt.
While New York City’s luxury market has seen ups and downs through the summer, rents appear to be rebounding. Over 7,500 new leases were signed in Manhattan in July, an all-time record for the month, as discounts slowed and listings tumbled.
Truffles Tribeca is blocks away from two major office projects, a $1 billion Google campus scheduled to open in 2022 and a new headquarters for Disney, scheduled to open in 2023.
Related Fund Management, an investment platform of Related, purchased the building for $260 million purchase from the Jack Parker Corporation in early 2019. The building opened in 2009 and has a 421a tax abatement due to expire this year.
[FT] — Holden Walter-Warner