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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).