The acquisition expands the REIT’s footprint in a submarket that it says is a preferred location for companies and young professionals in the TAMI sector.
Canyon Partners Real Estate and Pacific Western Bank partnered to provide the construction loan.
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They will begin renovating the 1.2-million square foot facility into an office and retail destination in West Chelsea.
The REIT still retains a 51% stake in the property and will continue to oversee its management.
New York City Property Fund II is a value-add fund targeting a portfolio in excess of $1 billion.
Do you know a professional and/or company that has helped shape the senior housing sector? Submit a candidate for GlobeSt. Real Estate Forum’s next Influencer series before the deadline on August 11.
MCR acquired the 725-room hotel property in a joint venture with the Island Capital Group and Three Wall Capital.
The transaction values the 943,000 square foot Manhattan office at $875 million.
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