David Bistricer’s Clipper Equity is about to buy Manhattan’s Riverwatch rental apartment building for $73.6 million, according to The Real Deal. The only issue yet to be resolved is the approval for the financing for the acquisition.
Clipper has reportedly taken out a $50 million mortgage on the property.
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Located at 70 Battery Park Place, almost the very end of the southern tip of Manhattan by the financial district, Riverwatch first opened in 1999. All of its units at the time were slated as affordable housing. But it has been re-designated as an 80/20 building, with only 20% of its units reserved as rent stabilized. It has a total of 230, 766 square feet of space.
Right now it offers studios going for $2, 750 a month, one bedrooms for $3, 100 a month and 2 bedrooms for $5.600 a month.
The nine story building has a private courtyard with lush greenery. It has 209 units known for being spacious and many have river views. The building’s amenities include a bicycle room, a doorman, a concierge, laundry rooms, a gym, a full service garage and pets are allowed.
From the listing on Trulia: “The apartments of RiverWatch are available units in the New York City real estate market. For those seeking Post-war Mid-rise apartments, RiverWatch is available. These apartments are an example of rental living in Battery Park City. Apartments at 70 Battery Place have design features like hardwood floors. The apartments at 70 Battery Place are available for both established and brand-new New York City residents.”
It was designed by Hardy Holzman Pfeiffer Associates and originally developed by The Brodsky Organization.