Grubb Properties acquires Pink Stone Capital’s 111 Washington in FiDi for $89.2M

111 Washington Street (Credit: Google)

By Adam Pincus

North Carolina-based Grubb Properties acquired Pink Stone Capital’s 111 Washington Street development site in the Financial District for $89.2 million, according to city property records. The 11,208-square-foot parcel two blocks south of the World Trade Center complex has plans for a 340,000-square-foot, mixed-use tower.

Grubb plans to develop approximately 400 units of housing under the Affordable New York Housing using the address 8 Carlisle Street. The parcel is at the corner of Washington Street and Carlisle Street. The building will also have about 22,000 square feet of retail. The project is under the firm’s Link Apartments brand, which is focused on housing for family’s earning between 60 percent and 140 percent of area media income, according to the release.

Grubb declined to comment, but provided the press release dated September 16 that had details of the acquisition. The sale was on September 10 and was recorded on September 24.

The Ohebshalom family has owned the site for about 10 years. Pink Stone refinanced the parcel with an $80 million loan from Fortress Investment Group and Carmel Partners in August 2020, The Real Deal reported. Fortress Carmel remained as lenders on the project with a $60 million loan. Pink Stone remains as a “partner” in the deal, according to the parties.

“It’s an honor to be a partner with Grubb as they address the essential housing crisis in the New York market,” Pink Stone said in a statement to PincusCo.

In 2014, Ohebshalom filed plans for the 340,000-square-foot tower with 54 stories and 388 dwelling units. The plans were partially permitted in 2015 with the latest permits issued in 2018.

This would be Grubb’s second major acquisition in the city this year.

Grubb Properties, on August 23, filed a permit application for construction of a 317-unit, 240,611-square-foot mixed-use building at 41-34 27th Street in Long Island City, Queens. Brian Bradley of Grubb Properties filed the plans. That project, according to the release, is also part of the firm’s Link Apartments concept.

PincusCo first reported in March 2021 that Grubb was in contract to buy the Long Island City parcel. No deed for the sale has been filed in city records, as of today.

Updated with press release information from Grubb, with sale price as recorded in Acris on September 24, 2021, and comment from Pink Stone.

Direct link to Acris document. link

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