Jamestown pays $240m for Manhattan apartments
Jamestown Properties has paid $240 million for a 352-unit apartment property at 88 Leonard St. in the Tribeca area of Manhattan. An official statement has not been released.
The seller was Waterton Residential, which acquired the asset in 2011 for $210 million from the original developers — a partnership between real estate investment firm Africa Israel USA and developer Shaya Boymelgreen.
The 21-story, 305,155-square-foot residential tower between Broadway and Church Street includes 352 apartment units, 11,365 square feet of ground-floor retail and an attached 249-space below-grade parking garage.
Demand for multifamily rental units remains healthy for the year ending second quarter 2016, according to CBRE’s second quarter 2016 U.S. Multifamily MarketView. CBRE concluded it has entered a new phase in which deliveries are outpacing demand, lead