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Acquisitions

Related Companies sells One Union Square South

One Union Square South (Credit: StreetEasy)

MKF Realty, acting as an advisor for an unnamed multigenerational family investor, is set to close on the acquisition of One Union Square South from Related Companies for $218 million, according to TheRealDeal. The 27-story building spans 174,000 SF, and contains 240 units, plus a retail component leased to Best Buy, Nordstrom Rack, and Regal Cinemas.

  • Acquisition financingFannie Mae is providing about $120 million to finance the deal.
  • Worth Noting: Related developed the building in 1998, and 20 percent of the building’s residential units are regulated under the terms of a 421a agreement that’s expiring soon. MKF is working to extend the tax exemption for another 15 years. 
  • Brokers: Meridian Capital Group’s investment sales team of Helen Raki Hwang and Brian Szczapa negotiated the sale. Meridian’s David B. Schechtman and Brian Gladstone procured the buyer.
  • Be Smart: The deal went into contract in June, and reportedly works out to a cap rate in the 4 percent range. [TRD]

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