Brookfield buys Waterside Plaza for $582M, second-largest multifamily sale in two years

Brookfield Properties is the sole owner of Waterside Plaza after purchasing the leasehold for the property from Richard Ravitch for $582 million. Brookfield acquired an unspecified minority stake in 2018, according to The Real Deal.

This is the second-most expensive multifamily transaction in the past two years. The most-expensive was a majority-interest sale at Starrett City, valued at $1.8 billion, although managing control remained the same.

Waterside Plaza was developed by Ravitch in the 1970s through a partnership with the City of New York. In 2012, MetLife provided $225 million in first mortgage financing, city records show.

The addresses for the four-tower Kips Bay complex include 30 Waterside Plaza and 40 Waterside Plaza. There are over 1,400 rental units on the property. New York City remains the fee owner, and Brookfield is the ground lease tenant.

Jonathan Kramer, through the entity Waterside Propco LLC, was the signatory for Brookfield Properties.

The Real Deal first reported the sale in August before the sale price was known. The deal closed on October 28, 2021 and was recorded on November 15, 2021. Doug Harmon and Adam Spies of Cushman & Wakefield brokered the deal.

The two properties have 2,183,677 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $266 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The former owners according to the Department of Housing Preservation and Development included Richard Ravitch, head officer and Peter Davis, officer. The business entity was Waterside Plaza Ground Lessee Llc.

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