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Related sells One Union Square South

The Related Companies has an agreement to sell the residential component of One Union Square South for around $200 million to a firm representing an overseas buyer, according to The Real Deal. Related developed the 27-story, 174,000-square-foot building in 1998, which contains 240 residential units.

  • Worth Noting: The deal reportedly works out to an existing cap rate in the 4 percent range. Twenty percent of the units are affordable under a regulatory agreement that’s ending shortly providing the buyer with some upside. [TRD]

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