Waterman, Brookfield lease at Lever House with Korein family valued at $240M

Waterman Interests and Brookfield Office Properties through the entity WI/BSREP III 390 Park LLC signed a lease with the Korein family’s 390 Tower Associates LLC that the city valued at $240 million for 390 Park Avenue in the Plaza District. The deal closed on May 20, 2020, and was recorded on May 27, 2020. The transaction consists of 1 parcel, including the tax class office building tower type with 20 or more stories (O4). The property is 262,945 square feet. The parcel(s) have total development potential of 348,313 square feet.

Waterman Interests and Brookfield Office Properties signed a new, 80-year lease with fee owners, the Korein family, that the city valued at $240 million. Yesterday, PincusCo reported that RFR Holding had turned the lease over to Waterman Interests and Brookfield.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $2,357,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link