NEW YORK CITY—Lower Manhattan's 88 Leonard St. apartment tower has hit the market roughly four years after Waterton Associates purchased the property for about $210 million.

Reliable industry sources expect the 352-unit property to trade for a price "in the high $200s." The building, completed in 2007, features 11,365 square feet of ground floor retail space serviced by an attached 249-space parking garage.

Chicago-based Waterton has hired Meridian Capital Group to sell the 21-story building. The marketing of the property will be led by Helen Hwang of the firm's investment sales group. Hwang, who last month left Cushman & Wakefield to join Meridian Capital, represented developer Africa Israel USA while at C&W in its sale of the property to Waterton in 2011.

“As the area becomes more saturated with luxury condo development, opportunities for those who want to rent and who value a fully-amenitized lifestyle will become even scarcer,” says Hwang, senior executive managing director and head of Meridian's institutional investment sales team. “88 Leonard Street features the modern architectural design, luxurious amenities and conveniences that when combined with its outstanding location, will consistently produce the type of demand that sustains value.”

Among the property's amenities are a two-story lobby with 24-hour doorman and concierge service, a landscaped terrace with a private courtyard and spa, a resident lounge with coffee service, an on-site laundry facility and on-site valet laundry and dry-cleaning service.