Metro Loft Management, Vanbarton pay $270M to AIG for resi conversion in Financial District

Nathan Berman’s Metro Loft Management and the Vanbarton Group through the entity 175 Water Street Owner LLC paid AIG’s American International Realty Corp $270.0 million for office tower 175 Water Street in the Financial District. The deal closed on September 26, 2019, and was recorded on October 3, 2019. The transaction consists of 30 commercial condominium units (R5).

Metro Loft plans to convert the upper portion of the 684,000-square-foot tower to residential apartments once AIG vacates on its 2021 lease expiration, according to The Real Deal.

Eastdil Secured’s Gary Phillips, Will Silverman and Jeff Organisciak arranged the sale.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 7, 2013.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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