Related Companies turned to the high end Tribeca market, purchasing a $260 million luxury apartment building from the Jack Parker Corporation.
The property, located at 34 Desbrosses Street and dubbed the Truffles Tribeca building, contains 291 units and spans 15 stories which includes a range of studios and two-bedrooms.
The purchase of the building was partially financed by JPMorgan Asset Management and LBBW who provided $160 million in debt.
This year, Tribeca was named the most expensive neighborhood in New York, successfully retaining its position atop the city’s residential hierarchy. According to the 2018 PropertyShark analysis, the median home sale price of $3.85 million.