Project

River & Warren, formerly known as 22 River Terrace, is a property located in Battery Park City in Lower Manhattan. It presented a unique opportunity to purchase an existing multi-family property with the goal of converting its 324 units into 173 condominiums to satisfy extreme condominium demand in the market.

Based upon our attractive purchase price and construction costs, the units were marketed and sold as a significant value to other offerings in the market at the time while still achieving desired returns for our investors.

Project Vitals

  • Property: River & Warren
  • Location: New York City, NY
  • Sub-market: Battery Park City, Manhattan
  • Asset Class: Multi-Family to Condominiums
  • Building Size: 28 stories, 280,000 square feet
  • Acquisition Date: October 2013
  • Acquisition Cost: $255,000,000
  • Total Project Capitalization: $368,300,000

Project Results

The Project received deposits on 90% of the units within the first 12 months of sales and ultimately, from start to finish the project timeline was completed in 42 months achieving significant returns to investors.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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