Acquisitions
David Werner acquires leasehold at 2 Cooper Square
Published on
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.
