Brookfield is trying to promote a 30-story rental tower within the Monetary District at a price ticket of about $105 million.
The corporate put the 156-unit rental tower at 15 Cliff Road up on the market, in keeping with an providing memo seen by The Actual Deal. The 154,000-square-foot constructing was accomplished in 2001 and rents at a median of $90 per sq. foot. About 97 % of the models are leased, with two-bedrooms at the moment marketed for as a lot as $6,976, in keeping with StreetEasy.
Representatives for Brookfield didn’t instantly reply to a request for remark. Eastdil Secured’s Gary Phillips, Daniel Parker and Will Silverman are advertising and marketing the property. They declined to remark.
Brookfield acquired the constructing in 2018 as a part of a $1.9 billion, multi-state portfolio buy from Carmel Partners. The property was one among seven that Carmel Companions, a San Francisco-based multifamily developer led by Ron Zeff, offered to Brookfield in a single giant transaction. Different properties within the portfolio had been in California and Hawaii.
The constructing was a New York University dorm earlier than Lake Success, N.Y.-based Lalezarian Properties bought it from Rockrose Growth in 2007 for round $60 million and transformed it into flats. The tower has 6,500 sq. ft of business house and facilities embrace a health heart, lounge and roof deck.
The Monetary District’s rental market is prospering because the downtown neighborhood continues its transformation from a sleepy nine-to-five workplace district right into a full-time residential group. Whereas a wave of recent condominiums has lingered on the market, rental models seem higher suited to the 18-to-35-year-old residents who make up roughly a 3rd of Decrease Manhattan’s inhabitants.
Median rents within the neighborhood have risen considerably over the past yr, in keeping with RentCafe. The typical hire for an condo is $5,957, a ten % enhance from the earlier yr. About 75 % of households are renter-occupied.
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