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New York & Tri-State  + Downtown New York  + Apartments  | 
Waterside Plaza Manhattan

Brookfield Acquires Remaining Stake in Waterside Plaza Complex

Richard Ravitch has sold the remaining stake in the 1,471-unit Waterside Plaza apartment complex in Midtown South to Brookfield for an undisclosed sum, according to a source familiar with the transaction. Reportedly it’s the city’s largest residential deal since the onset of the pandemic. 

Brookfield recapitalized the property, originally built as affordable housing in the 1970s and gradually converted to market rate, in 2018. Cushman & Wakefield arranged the recap on an as-is basis under a ground lease which was expiring in 2069. The deal with Brookfield was structured such that a “put option” for the remaining interest could occur in 2026.  

Ownership wanted to accelerate the put option to Brookfield. A Cushman & Wakefield team of Adam Spies, Doug Harmon, Marcella Fasulo and Michael Collins advised ownership and Brookfield on the accelerated purchase price for the remaining interest, a source told Connect CRE. 

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Cushman & Wakefield’s Spies

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition