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Acquisitions

David Werner acquires leasehold at 2 Cooper Square

2 Cooper Square (Credit: City Realty)

David Werner has acquired the leasehold at 2 Cooper Square in NoHo from Wafra for roughly $85 million. The luxury residential building contains 133 units, and a retail component (3,300 SF). It’s an 80/20 property and therefore receives a state property tax exemption in exchange for setting 20 percent of its units at affordable rents, according to Crain’s.

  • Financing: Werner and his partners secured a roughly $50 million fixed-rate loan from Goldman Sachs to finance the deal. 
  • Worth Noting: The underlying land was not part of the deal and will continue to be owned by Jane Goldman
  • Flashback: The Kuwaiti investment fund Wafra paid $134 million for the leasehold in 2012.
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