A luxury skyscraper in the Financial District has changed hands in a record deal.
DTH Capital sold the 57-story building at 20 Exchange Place to The Dermot Company for $370 million in an off-market transaction, Crain’s reported.
The transaction for the 767-unit converted apartment building closed on Wednesday for around $480,000 per unit — one of the largest this year for a Manhattan multifamily property.
The price for the deal is second only to the purchase of the 310-unit tower at 200 West 67th Street in Lincoln Square for $265 million by Gotham Organization and private-equity firm Carlyle Group earlier this year, according to data from Ariel Property Advisors reported by the outlet. That deal came out to $850,000 per unit.
The new owner is not planning any major changes to the building outside of renovations.
“Given the vintage of the conversion, the building is ready for some upgrades to remain competitive with the newest crop of conversions that are being brought to market,” Dermot’s chief operating officer Andrew Levison told Crain’s.
Renovations were made to the building in phases beginning more than 20 years ago.
DTH is a venture of the Eastbridge Group, led by the Bruckner family, and a firm called AG Real Estate, a unit of Ageas SA. Eastbridge, Yaron Bruckner and Metro Loft Management president Nathan Berman acquired 20 Exchange in 2004 for $152 million.
The investors purchased a 54 percent stake from the Hakim Organization for $82.4 million and the remaining 46 percent from Witkoff Group for $70.3 million.
At that time of the DTH purchase, a portion of the upper floors had already been converted to apartments. DTH and Metro Loft converted the remaining lower floors.
The deal comes amid challenges in the multifamily real estate market.
— Christina Previte
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