TF Cornerstone JV Set to Buy Brooklyn Multifamily Property
The transaction marks TF Cornerstone’s expansion into Brooklyn with its developments in Downtown Brooklyn and Prospect Heights.
NEW YORK CITY– TF Cornerstone and Trinity Place Holdings have entered a joint venture to acquire 250 North 10th St., a 234-unit apartment building in Williamsburg, Brooklyn. The transaction is currently under contract and set to close within the next 60 days.
“Williamsburg continues to fire on all cylinders as it evolves into a mature live-work community that is sought after for its high quality of life and myriad amenities,” Matthew Messinger, president and CEO of Trinity Place Holdings, said in a prepared statement.
The 96% lease property will receive financing through a fixed-rate loan and has approximately eight years remaining on its 15-year 421a tax abatement. The market-rate units are subject to New York City’s rent stabilization laws during the remaining term of the 421a tax abatement.
Apartment units feature GE stainless steel appliances, caesarstone countertops, in-unit washers and dryers, individually zoned climate controls, floor to ceiling windows and oak hardwood floors. Amenities include a concierge, resident’s lounge with roof deck, fitness center, café lounge with complimentary coffee and an expansive terrace, tenant storage, parking, and views of the neighborhood and Manhattan.
The transaction also marks TF Cornerstone’s expansion into Brooklyn with its developments in Downtown Brooklyn and Prospect Heights. “This acquisition furthers bolsters TF Cornerstone’s commitment to growing our Brooklyn portfolio,” said Jeremy Shell, a principal of TF Cornerstone, said in a prepared statement.