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Trinity Place Holdings and TF Cornerstone to Acquire Luxury Brooklyn Apartment Building - Land.Net News

Trinity Place Holdings, Inc. (NYSE: TPHS) announced today that a joint venture between TF Cornerstone and Trinity has signed a contract to acquire 250 North 10th Street (the “Property”), a market-leading 234-unit apartment building in Williamsburg, Brooklyn. The purchase, which is subject to customary closing conditions, is expected to close within the next 60 days and to be financed by a fixed-rate loan.

Located in North Williamsburg, Brooklyn, the Property is just four blocks from the Bedford Avenue L subway station and a short walk from the Metropolitan Avenue G subway station as well as the J, M, and Z trains at Marcy Avenue. It is located one block from The Berkley, a luxury multifamily property that TPHS purchased in 2016 in a joint venture with Pacolet Milliken. 250 North 10th Street was built by LCOR and CalSTRS in 2014 and has been institutionally owned and managed since stabilization in 2015. The Property is currently 96% leased.

Source: Read full press release here
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