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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.
- ◦Sale/Acquisition

