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TF Cornerstone buys 250 North 10th Street

250 North 10th Street (Credit: Brownstoner)

TF Cornerstone and Trinity Place Holdings have acquired 250 North 10th Street in Williamsburg from Nuveen Real Estate for $137.75 million. The multi-family building spans 150,000 square feet, and contains 234 apartments. There are eight years remaining on the property’s 15-year, 421a tax abatement. 

  • Be Smart: All units in the old Market Rate 421-a program are now subject to Rent Stabilization for the duration of the 421-a benefits. Afterwards, landlords are permitted to deregulate the units and increase rents.
  • Acquisition financing: The buyer secured an $82.75 million loan from M&T Realty Capital to close the deal. 
  • Flashback: Nuveen paid $169 million for the property in May 2015. REBusiness was first to report that the deal was in contract back in December.
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