Downtown Loft Building Sheds for $22M

(Read more on the multifamily market.)

NEW YORK CITY-FGF Enterprises Corp. has sold an eight-story elevatored loft building at 264 Water St.–a cobblestone street in the South Street Seaport Historic District–in an all-cash transaction valued at $22 million. The buyer was local based investor, Night Sky Holdings, a source close to the deal confirms to GlobeSt.com.

The buyer plans to upgrade the 48-by-130 apartments and hold the asset long term, the source explains. The property is located on the west side of Water Street between Dover and Peck Slip–a pedestrian park is planned for Peck Slip, the former Fulton Fish Market parking lot. It contains 27 oversized luxury apartments over approximately 41,278 sf, above grade. The units are all occupied and range in size from 910 sf to 1,860 sf.