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Steiner NYC sells stake in 333 Schermerhorn Street

Deal values the property at $408M

333 Schermerhorn Street (Credit: Elegran/TRD)

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.

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