Deal traded a 5.3% cap rate.
The Dermot Company has acquired 33 Caton Place from the Vanbarton Group for $74.7 million. The Windsor Terrace rental spans 161,976 SF, and contains 126 apartments.
Heard on the Street: Sources close to the deal confirmed to the Daily Beat that the property traded at a 5.3 cap and a GRM of 15.
Sound Smart: The property benefits from a 421-a tax abatement that is expiring in 2025. With the abatement set to start phasing out in three years, the Dermot Company is betting that increases in rents will compensate for the tax increases. The buyer secured a $45 million loan from MetLife to close the deal.
Flashback: Vanbarton paid $75.925 million for the property in 2015.