Luxury Rental at 88 Leonard St. Changes Hands

NEW YORK CITY-As residential activity continues to boom in Lower Manhattan, the strength of Downtown’s emerging 24/7 live/work community prompted developer Africa Israel USA to sell a 352-unit luxury TriBeCa rental apartment building at 88 Leonard St. to Chicago-based Waterton Associates. The deal is currently in contract and will close by February 2012, says Tamir Kazaz, CEO of AFI USA.

“It’s a great opportunity for Waterton to buy this building, and for our point of view as developers, we will continue to look for opportunities to build more buildings like 88 Leonard,” Kazaz tells GlobeSt.com, who lauded Waterton’s “tremendous management experience” of multifamily properties throughout the US. “It will continue to increase the value of this property.”