Developer Richard Ravitch has sold his remaining stake in
the 1,400-unit Waterside Plaza apartment community he built on the East River
to Brookfield Asset Management.
“Waterside Plaza is a uniquely-situated complex and the home
to a vibrant community of residents. Richard Ravitch and his team, who
developed Waterside Plaza, managed it with excellence, and we intend to do the
same,” said a spokesman for Brookfield.
No details have been released by either party.
Brookfield became an equity partner in the five-building complex in 2018 when public records show Ravitch took out a $250 million loan on the property, which sits on the edge of Manhattan’s east side at 23rd Street. That deal valued Waterside at $600 million.
Ravitch – a longtime public servant and real estate player –
built Waterside in the 1970s as a Mitchell Lama affordable housing development.
In the early 2000s, he began a conversion to market rate, giving so-called sitting
tenants the opportunity to enter into an agreement that would guarantee them no
more than a 4.25 annual rent increase.
Today, 70 percent of the property has been converted to
market rate as the former Mitchell Lama tenants have organically reduced in
Waterside Plaza is home to 4,000 residents and famous for its annual 4th of July fireworkS party. As of this week, a one-bedroom unit was available for $3,795 per month, according to a selection of listings on Waterside’s website.
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