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.