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Friday, August 15, 2014

Owner Of Former World Financial Center Brookfield Property Partners Purchases Interest In Roosevelt Landings Complex On Roosevelt Island - Urban American Will Continue To Own, Operate And Manage The Buildings

A change in ownership is coming to Roosevelt Island's 1003 unit Roosevelt Landings building complex currently owned by Urban American.

Brookfield Property Partners has acquired an interest in Urban American's Putnam Apartment Portfolio (approximately 4,000 units) which includes Roosevelt Landings on Roosevelt Island in a transaction valued in excess of 1 Billion Dollars.

Sources who are familiar with the transaction confirmed that Urban American will continue to own the properties in partnership with Brookfield and will continue to operate and manage the buildings.

Brookfield Property Partners:
... is one of the world’s largest and most sophisticated owners, operators and investors in property with investments in real estate assets totaling $95 billion and interests in over 275 million square feet of commercial space globally, Brookfield Property Partners is made up of sector-specific operating platforms in the office, retail, multi-family and industrial asset classes...
Among the assets owned by Brookfield Property Partners are the 5 buildings with 8.4 million square feet of office space and 277,000 square feet of retail at Brookfield Place, formerly the World Financial Center.

According to August 11 story in The Real Deal:
... The Putnam portfolio has multiple addresses including the 1,193-unit 3333 Broadway, the 1,003-unit Roosevelt Landings at 510-580 Main Street on Roosevelt Island; the 761-unit River Crossing at 1940-1966 First Avenue and 420 East 102nd Street; the 600-unit Heritage at 1295 Fifth Avenue, 1309 Fifth Avenue and 1660 Madison Avenue; and the Miles and the Parker at 1890 Lexington Avenue and 1990 Lexington Avenue, with a total of 405 units. Urban American, headed by Philip Eisenberg, and its partners purchased the collection of buildings for about $938 million in 2007...
The change in ownership interests at Roosevelt Landings will be the second Roosevelt Island building ownership change this summer. As reported last June 26, Roosevelt Island's Manhattan Park buildings ownership undertook an ownership change and mortgage refinancing valued at approximately $250 million. The Manhattan Park transaction required the consent of the Roosevelt Island Operating Corp (RIOC) which approved the deal in exchange for $12.6 million to RIOC:
... The RIOC Board of Directors approved the Manhattan Park partnership restructuring and mortgage financing at yesterday's meeting. RIOC President Charlene Indelicato said "it was a very good agreement with Manhattan Park" and that the $12.6 million proceeds to RIOC will go into the RIOC General Fund....
Not known at this time if RIOC's consent is needed for the ownership change at Roosevelt Landings. Will update with any further information.


APS said...

Yes of course this case is now for the NYPD, but the first line of defense is RIOC and public safety, in that if there are kids who are behaving inappropriately, but let off for lesser offenses, or not even reprimanded, the kids aren't being given any boundaries.