Westbrook Partners has purchased Fortress Investment Group’s 30.77 percent interest in the St. John’s Center in Manhattan, increasing its ownership to about 80 percent.
The property is valued at $650 million, and Fortress’s stake sold for approximately $200 million. Atlas Capital Group will continue to hold its minority stake in the property.
The 1.2 million-square-foot St. John’s Center is located at 340 West St. in South Midtown, spanning more than three blocks and four floors. According to a Crain’s New York Business article, Westbrook has plans to demolish the buildings and erect new buildings with residential units. The property has been viewed as a promising large-scale redevelopment project and currently has approximately 280,000 square feet of unused dev
