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Acquisitions

Related Companies acquires 34 Desbrosses Street for $250M

J.P. Morgan + Landesbank Baden-Württemberg provide Related Companies with acquisition financing

34 Desbrosses Street in Tribeca (Credit: Triumph Property)

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.

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