Roosevelt Island 1003 Unit Roosevelt Landings Building Complex Sold To L&M Development And Invesco Real Estate Partnership As Part Of $1.2 Billion 2800 Apartments Portfolio- What Will Sale Mean For Residents? UPDATE 8/1 - Agreement To Purchase Entered Into, But Not Sold Until Closing

Reported last March rumors that the 1003 unit Roosevelt Island Roosevelt Landings building complex owned by a partnership of Brookfield Property Partners and Urban American was for sale.

Today, it wan announced that Roosevelt Landings was sold as part of a portfolio package of apartments to L+M Development Partners and Invesco Real Estate. According to Crains NY:

... L+M Development Partners and Invesco Real Estate agreed to pay $1.2 billion for 2,800 Manhattan market-rate rental apartments, and plan to return the bulk of them to affordability.

The partnership is buying five buildings in Harlem and Roosevelt Island, according to a statement by L+M....

Not known at this time how the sale will effect Roosevelt Landings residents.

I asked Urban American's Josh Eisenberg:

I understand Roosevelt Landings was just sold as part of portfolio package to L+M Development Partners and Invesco Real Estate.

Is that true?

Any statement from Urban American? Will you continue as managing agent for Roosevelt Landings?

Have not received comment yet.

I asked Roosevelt Island Operating Corp (RIOC) President Susan Rosenthal:

How does this effect Roosevelt Island ? Will RIOC receive transfer fee payment as it did last time it was sold?

RIOC Spokesperson replied:

Since we have not seen a copy of the agreement and do not know the terms of the deal other than what has been reported in the press, we really can't comment on it at this time.

The 2014 sale of Roosevelt Landings to Brookfield Property Partners required the approval of RIOC as the ground leaseholder. As previously reported:

... According to a September 10, 2014 Memo from former RIOC President Charlene Indelicato in support of the 2014 sale of Roosevelt Landings to Brookfield Properties, the buyer ("Assignee"):

 ...  is bound to comply with the HAP (Housing Assistance Payment) Contracts in effect with respect to tenants receiving Section 8 benefits. In addition, pursuant to The North Town Tenant Settlement Agreement, a “Landlord Assistance Program” is being provided to various tenants. North Town’s obligations under this Settlement Agreement and Landlord Assistance Program will be among the obligations assumed by Assignee at closing....

A Transaction fee based upon the sale value of Roosevelt Landings is due RIOC as well. RIOC received $2.7 million for the 2014 Roosevelt Landings sale based upon a Roosevelt Landings valuation of $272 Million.

Here's press release from L&M Development announcing the transaction:

 Image From L&M Development Press Release

L+M Development Partners and Invesco Real Estate today announced entering into a contract to purchase and preserve five former Mitchell-Lama developments in Manhattan from Urban American and Brookfield Asset Management. The regulatory agreements, covering all 2,800 units and enacted in partnership with the New York City Department of Housing Preservation & Development (HPD) and New York State Homes & Community Renewal (HCR), will secure long-term tenant protections, allowing L+M and Invesco to return more than 1,800 units in Manhattan to long-term regulation. The deal, a rare victory in the preservation of former City and State Mitchell-Lama developments at this scale, was funded through the L+M Workforce Housing Fund, which completed fundraising in 2019 and was established to make social impact investments in affordable and workforce housing assets primarily in the New York City metropolitan area. L+M raised roughly $500 million through the Fund and intends to invest the capital over the next several years.

“We really view this as a significant win for existing residents in this portfolio and for the City of New York, particularly when it comes to bringing former Mitchell Lama units back into regulation," said L+M Development Partners Managing Director Eben Ellertson. "L+M's approach has always centered around creating affordable housing and keeping residents in their homes, and our Workforce Housing Fund represents a continuation of that work. This deal sends a strong message about how government and committed private sector partners can make a real impact in addressing the need for high-quality workforce housing in New York City. Thanks to our partners at the City, State and Invesco for seeing it through.”

“This landmark transaction will reclaim a large portfolio of once-affordable housing and provide thousands of New Yorkers the security of knowing that they can afford to stay in their communities for years to come,” said HPD Commissioner Louise Carroll. “I thank our development partners for joining us in taking significant strides toward preserving the affordability of New York City neighborhoods and I look forward to our continued collaboration on this project.”

“At a time when quality and affordable rental housing is in short supply, Roosevelt Landings will bring more than 1,000 apartments back into long-term regulation,” said New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas. “As part of Governor Cuomo’s $20 billion five-year 100,000-unit housing plan, we will continue to support projects that preserve and create safe, affordable housing opportunities for New Yorkers.”

"More than anything, this deal is win for tenants in these former Mitchell Lama properties that had been lost over the past decade to the free market," said New York City Council Member Diana Ayala. "Thanks to this agreement, nearly 3,000 units will be protected under a regulatory framework, residents will remain in their homes, and upgrades will be made that can be enjoyed by all tenants. We thank the City, the State and their private partners for coming together to do right by these longstanding communities in my district.”

"This agreement will have a lasting impact on the lives of all residents living in these properties," said New York State Senator Brian A. Benjamin. "This is the way government and the private sector should work together -- to preserve and improve housing for those who live there, and to make improvements for existing and future residents. I hope this sets an example in other parts of my district and around the city as well, where the need to preserve and create high-quality affordable and workforce housing has never been greater.”

“It’s hard to express just how much this agreement means for the tenants living in these buildings," said Heritage TA President Faheem Abdul-Razzaaq. "Our residents are proud, longtime members of their communities. When we learned that protections would return to the property, we were overjoyed. Our families have been here for years and now we know: we're staying here."

The former Mitchell-Lama developments were built between 1975 and 1980 and include River Crossing, the Heritage, the Miles and the Parker in East and Central Harlem, and Roosevelt Landings on Roosevelt Island. The 2.2 million square foot portfolio exited the Mitchell Lama program in 2005. To return the units to affordability, L+M and Invesco intend to work with HPD to enact a regulatory agreement to protect residents living in the East and Central Harlem properties and work with HCR to do the same for Roosevelt Landing, which is governed under State authority.

The preservation transaction will commit L+M and Invesco – and any future owner – to long-term regulation. At the same time, it will restrict any future new development on the sites to 100 percent affordable housing.

L+M and Invesco will immediately begin a $50 million series of capital improvements across the portfolio, including the continuation of energy savings measures begun by Urban American, implementation of structural upgrades as well as the addition of amenities to common areas, which will be available to all residents.

“In 2007, we set out on a path to reverse decades of mismanagement and make these communities a safer and better place to live,” said Josh Eisenberg, a principal of Urban American. “Over the last 12 years we spent more than $100 million on new common areas, full window and terrace replacements, new mechanical systems, modernized elevators, and the largest residential energy efficiency project in the city’s history. With the critical assistance of HPD and the support and cooperation we received from our residents, Urban American renovated the apartments of more than 1,000 subsidized families without any increased cost to them. We are thrilled to see L+M and Invesco continue our legacy of improvements and further upgrade these communities while maintaining affordability for hardworking families in New York City.”

"This is a unique, highly sought after portfolio, situated across two submarkets poised for continued above-market growth," said Adam Spies, Chairman, Capital Markets at Cushman & Wakefield. "L+M and Invesco deserve significant credit for their proposal, and we congratulate all parties on the transaction."

Cushman & Wakefield advised the sellers on the transaction. Adam Spies and Doug Harmon led the Cushman & Wakefield team, which also included Josh King, Adam Doneger, Michael Collins and Marcella Fasulo.

Will update when more info available.

UPDATE 8/1 - A source with knowledge of the transaction clarifies that Roosevelt Landings has not been sold yet but that a contract to purchase the property has been entered into, adding:

... The property has not been sold yet.

... a contract is not a sale, just a promise to sell if the buyer shows up with the purchase money on the agreed upon closing date. Until then, Urban American and Brookfield still own and manage the properties until that date.

Is Roosevelt Island's 1003 Unit Roosevelt Landings Apartment Building For Sale By Brookfield Properties And Urban American - The Real Deal Says Yes

Reported August 15, 2014:

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....

Real Estate news web site The Real Deal reported yesterday that Brookfield Properties Putnam Apartment Portfolio is up for sale again, including the Roosevelt Landings building on Roosevelt Island.

Brookfield’s listed its massive Putnam Portfolio with an asking price of $1.5Bhttps://t.co/aA2X2ozLLi

— The Real Deal (@trdny) March 11, 2019

According to The Real Deal:

... A teaser for the listing – now dubbed the Manhattan Apartment Collection – shows that the properties can be purchased as a portfolio, or as individual assets. It also points out that the assets are insulated from “likely tenant-friendly changes to New York rent-stabilization laws” because none of the apartments are stabilized....

However, any sale of the Roosevelt Landings building has to meet with the approval of the Roosevelt Island Operating Corp (RIOC) Board of Directors. RIOC is ground leaseholder of the property.

According to a September 10, 2014 Memo from former RIOC President Charlene Indelicato in support of the 2014 sale of Roosevelt Landings to Brookfield Properties, the buyer ("Assignee"):

 ...  is bound to comply with the HAP (Housing Assistance Payment) Contracts in effect with respect to tenants receiving Section 8 benefits. In addition, pursuant to The North Town Tenant Settlement Agreement, a “Landlord Assistance Program” is being provided to various tenants. North Town’s obligations under this Settlement Agreement and Landlord Assistance Program will be among the obligations assumed by Assignee at closing....

A Transaction fee based upon the sale value of Roosevelt Landings is due RIOC as well. RIOC received $2.7 million for the 2014 Roosevelt Landings sale based upon a Roosevelt Landings valuation of $272 Million.

Here's video showing portion of discussion by RIOC Real Estate Advisory Committee about the 2014 sale to Brookfield Properties.



More info on the 2014 sale of Roosevelt Landings to Brookfield Properties at this prior post.

I asked Urban American's Josh Eisenberg to confirm accuracy of The Real Deal's report of Roosevelt Landings being up for sale.

Have not received answer yet. Will update with any new info.

Listen to this interesting Behind the Bricks podcast discussion from February 2018 with Urban American's Phillip and James Eisenberg



about the NYC multi- family rental housing market.

Urban American Roosevelt Landings Lease Assignment To Brookfield Joint Venture Approved By Roosevelt Island Operating Corp Yesterday - RIOC To Receive Payment Of $2.7 Million

Reported August 15:

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.

The change in the ownership structure of Roosevelt Landings was the subject of September 11 meeting of the Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee meeting  (audio web cast of meeting here) yesterday followed by the full RIOC Board Of Directors (video web cast here) voting on the lease assignment later that afternoon.

The consent of the RIOC Board Of Directors was required to change the ownership structure of Roosevelt Landings allowing Urban American to assign the Roosevelt Landings lease to a new joint venture partnership with various Brookfield entities. According to the September RIOC Board Agenda:

... 6. Authorization of Consent to Assignment of Lease by North Town Roosevelt, LLC (the Eastwood Tenant) to BSREP UA Roosevelt Landings LLC (Board Action Required)...

RIOC President Charlene Indelicato and General Counsel Don Lewis explained to the Real Estate Advisory committee the terms of the assignment including:

• payment of approximately $2.7 million fee to RIOC,
• the assignment will maintain the status quo as far as the tenants of Roosevelt Landings are concerned and
• the $2.7 million will be spent on Roosevelt Island capital projects.

RIOC Director Fay Christian expressed concern that the RIOC Directors were not informed about the transaction earlier. The Roosevelt Landings lease assignment item was placed on the RIOC Board agenda the morning of the meeting.



Several other RIOC Board Directors expressed concern over various Roosevelt Landings issues including the possible financial overleveraging of debt placed on the building due to the transaction, affordability, displacement of seniors and electricity submetering.

Urban American's Josh Eisenberg replied that Roosevelt Landings has never been overleveraged, that all of its debt service has been paid out of cash flow and that there will be even less debt on Roosevelt Landings with this transaction. Mr. Eisenberg also described the energy efficiency program being undertaken at Roosevelt Landings and noted future additional capital improvements and affordability efforts. Here's what Mr. Eisenberg had to say.



The RIOC Board of Directors consented to the assignment of Roosevelt Landings/Eastwood ground lease from Urban American to the new joint venture between Urban American and Brookfield Property. Based upon a previously agreed formula in the ground lease, RIOC will receive payment of approximately $2.7 million for its consent.

The vote to approve the assignment was 6 in favor 1 against and 1 recusal. Director Michael Shinozaki was the single no vote. Director David Kraut, who lives in Roosevelt Landings, recused himself from participating in the RIOC Board meeting discussion and vote.

During the RIOC Real Estate Advisory Committee meeting prior to the full RIOC Board vote, Mr. Kraut indicated he would seek to table (postpone) the Urban American lease assignment at the full RIOC Board meeting later in the day in order to obtain additional information about the transaction. Immediately after Mr. Kraut indicated his intent to seek to postpone the vote, RIOC President Indelicato and General Counsel Lewis asked him to step outside the conference room where the public committee meeting was taking place and they had a private conversation with him.



Upon the start of the Roosevelt Landings lease assignment agenda item at the full RIOC Board meeting, Mr. Kraut announced his recusal from participating in the discussion and vote.

Here's the discussion and vote at the full RIOC Board meeting yesterday



and memorandum from RIOC President Indelicato to the RIOC Board describing the transaction in detail (full Board Material Package here)

To: Board of Directors
From: Charlene M. Indelicato
Re: Eastwood Lease Assignment
Date: September 10, 2014

Background – Proposed Transaction

The property located at 510-580 Main Street, Roosevelt Island (commonly known as “Eastwood”) is leased to North Town Roosevelt, LLC (“North Town”) pursuant to an Amended and Restated Lease dated as of September 21, 2006 (the “Eastwood Lease”) between Roosevelt Island Operating Corporation (“RIOC”) as landlord, and North Town Roosevelt, LLC, as tenant. North Town entered into a Purchase and Sale Agreement dated as of July 18, 2014 (the “PSA”) by and among North Town, as one of the sellers, and BSREP US Operating LLC, as purchaser, pursuant to which Tenant’s interest as tenant in the Lease is to be assigned to the purchaser, or its designee.(The PSA covers multiple properties owned by multiple sellers.) The aggregate sales price set forth in the PSA for all of the various properties is $1,041,800,000, of which $272,000,000 has been allocated to the assignment of the Eastwood Lease. Pursuant to Article 10 of the Eastwood Lease, North Town has requested RIOC’s consent to the assignment of North Town’s right, title and interest in the Eastwood Lease to BSREP UA Roosevelt Landings LLC (“Assignee”), a designee of BSREP US Operating LLC. The Eastwood Lease provides that Landlord’s consent may not be unreasonably withheld, conditioned or delayed.

In addition to the assignment of North Town’s interest in and to the Eastwood Lease, North Town will assign to Assignee, and Assignee will assume, all of North Town’s right, title and interest in and to the Sublease dated as of September 21, 2006 by and between North Town Roosevelt, LLC, as Sublandlord, and Roosevelt Island Operating Corporation, as Subtenant for the ground floor commercial space in Eastwood. North Town has provided RIOC with a proposed Assignment and Assumption Agreement to be delivered at closing, which references this sublease.

RIOC is currently holding a letter of credit in the amount of $750,000 pursuant to the provisions of Article 5 of the Eastwood Lease. Under the Eastwood Lease, North Town was entitled to reduce the face amount of the Letter of Credit to $500,000, but had not yet done so. At closing, Assignee will deliver a replacement Letter of Credit in the sum of $500,000, with RIOC as the beneficiary. The Eastwood Lease obligates the tenant to maintain the Letter of Credit in effect until November 21, 2016.

Under the PSA, Assignee is bound to comply with the HAP (Housing Assistance Payment) Contracts in effect with respect to tenants receiving Section 8 benefits. In addition, pursuant to The North Town Tenant Settlement Agreement, a “Landlord Assistance Program” is being provided to various tenants. North Town’s obligations under this Settlement Agreement and Landlord Assistance Program will be among the obligations assumed by Assignee at closing.

Eastwood Lease Provisions Regarding Assignments

Together with its request for consent to a lease assignment, Tenant is obligated to notify RIOC of names and addresses of all managers and managing members and all other members of the assignee having, directly or indirectly, a five percent (5%) or greater ownership interest in the Assignee. The Assignee delivered to RIOC an affidavit which provided the names and addresses of all managers and managing members of the Assignee, and all other members of the Assignee having, directly or indirectly, a twelve percent (12%) or greater ownership interest in the Assignee, together with an organizational chart showing the direct and indirect ownership of Assignee and a list of all newly formed entities which were formed for the purpose of investing, directly or indirectly, in the Assignee. Assignee is wholly owned by BSREP UA Holdings LLC, which, in turn, is owned 7% by Urban American Holdings II, LLC and 93% by BSREP Putnam Portfolio LLC. (All of these entities were formed for the purpose of this transaction.)As shown on the organizational chart provided by Assignee, BSREP Putman Portfolio LLC is owned indirectly by various Brookfield affiliated entities. Due to certain confidentiality agreements, Assignee is unable to disclose the identity of passive investors owning, directly or indirectly, less than a twelve percent (12%) ownership interests in Assignee. As set forth in Assignee’s affidavit, investors owning less than a twelve percent (12%) interest in the funds directly or indirectly owning Assignee are passive investors, and do not control or otherwise manage Assignee.

Calculation of Transaction Payment

RIOC is entitled to receive a Transaction Payment in connection with an assignment of the Eastwood Lease. The Transaction Payment is the total of (a) three percent (3%) of the initial $8,200,000 of Net Proceeds from the assignment, and (b) ten percent (10%) of the Net Proceeds in excess of $8,200,000. As noted above, the portion of the purchase price allocated in the PSA to the assignment of the Eastwood Lease is $272,000,000. North Town is permitted to deduct certain expenses from the sales price to determine the Net Proceeds of sale. These expenses are (i) actual out-of-pocket standard closing costs paid by Tenant to unaffiliated third parties, (ii) repayment of mortgages, if any, (iii) return of all equity contributed to Tenant as reasonably evidenced by Landlord, with a 6% return on such equity from the time contributed, to the extent not deducted from the calculation of Net Proceeds in a prior transaction, (iv) the unamortized cost of all capital improvements, to the extent not deducted from the calculation of Net Proceeds in a prior transaction, and (v) capital gains tax liability of Tenant. The total deductions set forth in North Town’s calculation are $238,883,425, which includes repayment of the outstanding $199,000,000 mortgage. Based on these numbers, the Transaction Payment payable to RIOC is $2,737,658. RIOC has asked for evidence of the amount of the mortgage being repaid, and clarification of certain of the numbers set forth in this schedule, and the Transaction Payment may be adjusted as necessary if the amount of the Net Proceeds changes.

Letter Agreement Regarding Affordability Agreements

Following the closing of the assignment, Assignee may enter into discussions with the City of New York with respect to any tax abatement and/or rent stabilization programs which would affect the premises during the term of the Eastwood Lease. At the closing, Assignee will deliver a letter to RIOC confirming that any final agreement entered into with the City of New York with respect to such matters will not amend, modify or otherwise alter the terms and conditions of the Eastwood Lease or any other written agreements to which RIOC is a signatory.

Recommendation

I hereby recommend that the RIOC Board of Directors consent to the Assignment of the Eastwood Lease and to North Town’s calculation of the Transaction Payment in connection therewith (subject to possible adjustment as indicated above), in compliance with the Eastwood Lease.

Here's the full video of RIOC Real Estate Advisory Committee discussion of Roosevelt Landings lease assignment. It was a very interesting discussion of many issues facing the building and Roosevelt Island.

Urban American Roosevelt Landings Lease Assignment On Agenda For Roosevelt Island Operating Corp (RIOC) Real Estate Committee Today - License Of Southpoint Park Land For Use By FDR Park On Agenda For Full RIOC Board Today Too

Reported August 15:

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....

... Not known at this time if RIOC's consent is needed for the ownership change at Roosevelt Landings.

We'll find our more about the Roosevelt Landings transaction later today. According to the Roosevelt Island Operating Corp (RIOC)

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Thursday, September 11, 2014 at 4:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

Agenda:

Discussion of Roosevelt Landings/Eastwood Lease Assignment

Any Other Committee Business That May be Brought Before the Committee

An audio web cast will be available soon after the meeting.

The full RIOC Board of Directors will meet following the Real Estate Advisory Committee meeting. According to RIOC:

AGENDA

SEPTEMBER 11, 2014 MEETING OF

THE ROOSEVELT ISLAND OPERATING CORPORATION BOARD OF DIRECTORS

THE MANHATTAN PARK COMMUNITY CENTER,

8 RIVER ROAD, ROOSEVELT ISLAND, NEW YORK

5:30 P.M.[1]

I. Call to Order

II. Roll Call

III. Approval of Minutes

1. June 26, 2014 Board Meeting (Board Action Required)

IV. Old Business

V. New Business

1. Presentation of the FY 2014-15 QTR 1 Procurement Report

2. Authorization to Enter into License Agreement with New York State Office of Parks, Recreation and Historic Preservation for Certain Land Adjoining Four Freedoms State Park (Board Action Required)

3. Ratification of Contract with Singh Landscaping & Lawn Sprinkler Corp. for Good Shepherd Community Center Plaza Landscaping (Board Action Required)

4. Authorization to Enter into Contract with Quintal Contracting Corp. for Pothole Repair (Board Action Required)

5. Authorization to Enter into Contract with Shawn Construction, Inc. for Resetting of Z-Brick Pavers (Board Action Required)

6. President’s Report

7. Committee Reports

a. Audit Committee

b. Governance Committee

c. Operations Advisory Committee

d. Real Estate Development Advisory Committee

8. Public Safety Report

VI. Adjournment

[1] The RIOC Board Meeting will commence following a public comment period. The public comment period is not part of the meeting.

A web cast will be available son after the RIOC Board meeting.

More on Agenda Item 2 regarding licensing of Southpoint Park land to NY State Parks for benefit of FDR Four Freedoms Park Conservancy at this post from yesterday.


UPDATE 11 AM - Apparently, the consent of RIOC is required for the Urban American ownership change by assignment of lease.

I just received notice of an amended RIOC Board Agenda for today's meeting which included a new Item 6:

6. Authorization of Consent to Assignment of Lease by North Town Roosevelt, LLC (the Eastwood Tenant) to BSREP UA Roosevelt Landings LLC (Board Action Required)

UPDATE 9/12 - Here's full report including video of the Roosevelt Landings lease assignment meetings.

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.