JV Buys Brooklyn Luxury Community
- Dec 05, 2019
Trinity Place Holdings and TF Cornerstone have agreed to acquire 250N10, a 234-unit luxury apartment building in the Williamsburg neighborhood of Brooklyn, N.Y. Located at 250 N. 10th St., the six-story, 150,000-square-foot building is currently owned by Nuveen Real Estate. The deal, targeted to close within the next 60 days, is expected to be financed by a fixed-rate loan. JLL’s capital markets team exclusively represented the seller.
LCOR and the California State Teachers Retirement System (CalSTRS) built the property in 2014 before selling it to Nuveen Real Estate (formerly TH Real Estate) in May 2015 for $169 million, according to Yardi Matrix. The community in the north part of Williamsburg is located four blocks from the Bedford Avenue L subway station and nearby the Metropolitan Avenue G subway stop and the J, M and Z trains at Marcy Avenue.
The rental property features a mix of studio, one- and two-bedroom units with premium finishes that include floor-to-ceiling windows, oak hardwood floors and Caesarstone countertops. Amenities include a residents’ lounge with roof deck, fitness center, terrace and parking. Despite being market-rate units, all the apartments are subject to New York City’s rent stabilization law during the remaining eight years of the property’s 15-year 421a tax abatement.
Betting on Brooklyn
Matthew Messinger, President & CEO of Trinity Place Holdings, noted in a statement that residential rents have surged in Williamsburg over the past year, since plans to shut down the L train—a major connector between Manhattan and Brooklyn—were scrapped in January.
Trinity Place Holdings also owns a luxury condo site at 77 Greenwich St. in Lower Manhattan, two apartment buildings in Brooklyn and a retail asset in Paramus, N.J. The company purchased 237 11th St., a 105-unit luxury community in Brooklyn, for $81 million in May of last year, according to Yardi Matrix.