Chicago blows into TriBeCa
The NY POST - Chicago investment firm closed on one of the city's biggest residential deals this year -- a roughly $220 million transaction to purchase the luxury TriBeCa rental apartment building at 88 Leonard St. from Africa Israel, sources told The Post.
The deal, done in two phases, will be Waterton Associates' first big buy in Manhattan, and it follows a $110 million deal they did in Brooklyn.
Cushman & Wakefield broker Helen Hwang represented Africa Israel USA, while Steven Vegh, a broker at Multi Investment Group, represented Waterton. Neither broker could be reached for comment.
Waterton plans to own and manage the building, while keeping it as a rental.
The 22-story building, which was completed in 2007, has 352 luxury units, a parking lot, amenities and retail space.
It boasts 100-percent occupancy for the past two years, and rent increased 12 percent in the past year and a half, Tamir Kazaz, CEO of AFI USA, told The Post.
"I think there's a strong demand for rental buildings, and investors are looking for opportunities like this," Kazaz said. "It's the right time to sell rental buildings."
By JENNIFER GOULD KEIL @ The www.NYPost.com