Jamestown Picks Up Waterton’s 88 Leonard Street in Tribeca for About $240M
Lauren Elkies Schram Sept. 19, 2016, 1:10 p.m.
Jamestown has acquired 88 Leonard Street from Waterton Associates in Tribeca for close to $240 million, Commercial Observer has learned.
The 21-story 305,155-square-foot Costas Kondylis-designed residential rental building between Broadway and Church Street includes 352 apartments, 11,365 square feet of ground-floor retail and an attached 249-stall below-grade parking garage.
Jamestown dealt directly with Waterton’s brokers, Meridian Investment Sales’ Helen Hwang, Karen Wiedenmann, Brian Szczapa and John Charters in the deal, which closed last Wednesday.
“88 Leonard epitomizes the fully amenitized lifestyle that is becoming more and more scarce in the Tribeca rental market,” Hwang said in prepared remarks. “The building’s top-tier features and outstanding location will consistently produce the type of demand that sustains value.
Michael Phillips, the president of Jamestown, declined to comment, but a spokesman said plans for the building are as yet undecided. A representative for Waterton didn’t immediately respond to a request for comment.