Brookfield Buys Pinnacle Out of 111 Worth Street for $48.5M
By Mark Hallum July 24, 2024 1:04 pm
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Brookfield (BN) Properties picked up a 30 percent stake in a residential building in Tribeca.
The landlord paid about $48.5 million to Joel Wiener’s Pinnacle Group for the stake in 111 Worth Street, meaning that seller will no longer hold any interest in the 331-unit rental property, PincusCo. reported Wednesday morning.
Brookfield appears to have owned a portion of the building prior to the recent transaction, but it’s unclear if there are other partners or when Brookfield first got a stake in the property.
Spokespeople for Brookfield and Pinnacle did not immediately respond to requests for comment.
The additional investment in a residential building follows a string of losses and foreclosures for Brookfield’s office properties in Southern California. Brookfield Asset Management — the parent company of Brookfield Properties — defaulted on a $400 million loan tied to the 1.4 million-square-foot Bank of America Plaza in Los Angeles earlier this month.
It also may be selling 777 Tower for just $120 million, when it was carrying $289 million in debt when it defaulted in February 2023, Commercial Observer reported Wednesday.
111 Worth Street has amenities such as multiple terraces — including on the roof — a putting course and virtual golf simulator, a lounge, parking and a health club.
Mark Hallum can be reached at mhallum@commercialobserver.com.
