MKF Realty (MKF) has closed on the purchase of One Union Square South from Related Companies for $211 million, the company announced.
MKF is retaining Related Management Company to manage the 239-unit luxury rental apartment building adjacent to Union Square.
The deal went into contract in May. Doug Harmon of Cushman & Wakefield advised Related on the sale with Helen Hwang and Rael Gervis from Meridian Capital Group representing MKF.
Wells Fargo, on behalf of Fannie Mae, provided financing for the acquisition of the property.
“MKF’s optimism about the future of New York City and New York real estate is unwavering,” said MKF director Adam Smith. “We firmly believe in the growth and vitality of the Union Square district and we are extremely excited to be a part of this community and neighborhood. We are confident that One Union Square South’s quality construction, along with our planned upgrades and enhancements to the units, common areas and amenities, will make this asset a significant addition to our portfolio.”
Related’s Jeff Blau agreed the deal affirms continued strength in the Manhattan real estate market, even at the height of a global pandemic.
“This building was crucial to the revitalization of the district more than 20 years ago and will continue to be an exceptional residence for decades to come,” added Blau. “Related has long been committed to the Union Square area and we look forward to partnering with MKF on the management of One Union Square South.”
Built in 1998 by Related, One Union Square South is a luxury residential rental tower designed by architect Davis Brody Bond with interiors by Rockwell Group. It has a quarter-acre rooftop lawn, outdoor dining area and fitness center as well as a public art wall with the mixed-media Metronome by Andrew Ginzel and Kristin Jones that was, at the time, the largest private commission of public art in New York City’s history.
The luxury residences are located above a five-story retail block that includes Regal Cinemas, Nordstrom Rack and Best Buy.