Related Results $ 258 million Blackstone loan to Tribeca



Jeff Blau, CEO 34 Desbrosses Street and Related, (StreetEasy, Getty)

Jeff Blau, CEO 34 Desbrosses Street and Related, (StreetEasy, Getty)

Truffles Tribeca is due to apply a new sugar coating and Related plans to renovate a luxury apartment building overlooking the Hudson River at 34 Debross Street.

The developer, led by Stephen Ross, has received a $ 258 million building loan from Blackstone, the Financial Times reported. Related will work to renovate both the interior and exterior of the 291-unit building, which has already been emptied before refurbishing the interior.

While the New York luxury market fought rent seems to be recovering during the summer. Above 7,500 new leases were signed in Manhattan in July, an all-time record in a month as discounts slowed and listings fell.

Truffles Tribeca is located a few blocks from two major office projects: the $ 1 billion Google campus, slated to open in 2022, and the new Disney headquarters, slated to open in 2023.

Related Fund Management, an investment platform for Related, has acquired a building for $ 260 million purchase from Jack Parker Corporation in early 2019. The building opened in 2009 and has a 421a tax credit that expires this year.

[FT] – Holden Walter-Warner


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