The Related Companies has closed on its acquisition of 34 Desbrosses Street from the Jack Parker Corporation for $250 million. The Tribeca apartment complex spans 305,542 SF, and contains 291 units, plus a retail component (28,500 SF).
Acquisition financing: Related secured $160 million in debt from J.P. Morgan + Landesbank Baden-Württemberg (LBBW) to close the deal, according to CO.
Related knows the area well… The firm owns an 84-unit rental building one block north at 456 Washington Street, in addition to having developed a condo building one block south at 70 Vestry Street.
Worth Noting: With the property’s 421a tax abatement expiring in 2021, it remains to be seen if Related will convert the rental into condos.