RXR Realty sells stake in 196 Willoughby valued at $61M to another RXR-affiliated entity

RXR Realty through the entity RXR VAF III 196 Willoughby Co-Investor LP paid RXR Realty’s RXR Real Estate Value Added Fund – Fund III LP (and others) $61 million for a stake in 196 Willoughby Street at the Long Island University project in Brooklyn. The deal closed on January 28, 2020, and was recorded on February 26, 2020. The transaction consists of 1 parcel.

An entity LLC that includes the words “co-investor” acquired an 82.7 percent stake in RXR’s 196 Willoughby Street project, which was valued at $61 million. That is slightly lower than the calculation of RXR’s 2019 acquisition price of $76.4 million multiplied by 82.7 percent, which yields $63 million.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.There has been one new building permit application totaling 368,950 square feet. Those plans include a total of 476 residential or hotel units.
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