Brookfield is looking to sell a 30-story rental tower in the Financial District at a price tag of about $105 million.
The company put the 156-unit rental tower at 15 Cliff Street up for sale, according to an offering memo viewed by The Real Deal. The 154,000-square-foot building was completed in 2001 and rents at an average of $90 per square foot. About 97 percent of the units are leased, with two-bedrooms currently marketed for as much as $6,976, according to StreetEasy.
Representatives for Brookfield did not immediately respond to a request for comment. Eastdil Secured’s Gary Phillips, Daniel Parker and Will Silverman are marketing the property. They declined to comment.
Brookfield acquired the building in 2018 as part of a $1.9 billion, multi-state portfolio purchase from Carmel Partners. The property was one of seven that Carmel Partners, a San Francisco-based multifamily developer led by Ron Zeff, sold to Brookfield in one large transaction. Other properties in the portfolio were in California and Hawaii.
The building was a New York University dorm before Lake Success, N.Y.-based Lalezarian Properties bought it from Rockrose Development in 2007 for around $60 million and converted it into apartments. The tower has 6,500 square feet of commercial space and amenities include a fitness center, lounge and roof deck.
The Financial District’s rental market is thriving as the downtown neighborhood continues its transformation from a sleepy nine-to-five office district into a full-time residential community. While a wave of new condominiums has lingered on the market, rental units appear better suited to the 18-to-35-year-old residents who make up roughly a third of Lower Manhattan’s population.
Median rents in the neighborhood have risen substantially over the last year, according to RentCafe. The average rent for an apartment is $5,957, a 10 percent increase from the previous year. About 75 percent of households are renter-occupied.
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