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Pink Stone Will Partner with Grubb Properties on FiDi Mixed-Use
Pink Stone Capital Group has sold a development site at 111 Washington St. in Manhattan’s Financial District to a newly formed partnership with Grubb Properties for $89 million. Pink Stone, which acquired a defaulted note on the property in 2011, will partner with Grubb on developing a mixed-use multifamily and retail development that will feature 400 mixed-income rental units and 22,000 square feet of ground-floor retail.
Paul Schwartz, a partner in Duval & Stachenfeld’s real estate practice, has represented Pink Stone’s interests in 111 Washington for several years, serving as counsel on the dissolution of a former partnership, a significant property refinancing and other matters. Pink Stone was advised by Darren Seid of Epimoni in the transaction.
“The downturn in real estate amid COVID-19 created a tumultuous year for property valuations, but we were able to help negotiate a favorable transaction for our client with a seasoned developer,” said Schwartz.
- ◦Sale/Acquisition
