Deal values the property at $408M
A JPMorgan fund has acquired a 62 percent stake in Steiner NYC’s 333 Schermerhorn Street for $253 million, valuing the asset at $408 million, according to TRD. The Downtown Brooklyn rental building spans 662,532 square feet, and consists of 754 units (150 are affordable). It also includes a retail component (34,823 SF), and a parking garage.
Worth Noting: The deal coincided with a $330 million Refi… Nuveen Real Estate provided $330 million in new financing, which replaced $300 million in construction debt from Bank of America in 2015.