The company led by Barry Sternlicht sold two commercial condominium units at 425 Westchester Avenue to EducationRE for $93.9 million, according to city records reported by the Commercial Observer. The buyer is a Florida-based nonprofit that helps under-resourced schools with development and financing.
The 10-story, 150,000-square-foot building counts Zeta Charter School and the Jewish Child Care Association among its anchor tenants. EducationRE is expected to assist the charter school’s development of a facility, according to a filing with the New York City Economic Development Corporation.
None of the players involved in the transaction have responded to the outlet.
Starwood partnered with AB Capstone in 2019 on the mixed-use development, the former’s first announced Opportunity Zone investment. AB Capstone acquired the vacant lot and an adjacent parcel at 601 Bergen Avenue in 2017 for $7 million.
According to LoopNet, Starwood has reportedly provided investment capital for the 2022 development.
Sternlicht’s company has been busy in and around the Big Apple. Last week, Starwood handed a $161 million loan to Arden Living to refinance its Forty Six Fifty multifamily property in Manhattan’s Inwood. It also loaned $64 million to Slate Property Group and Avenue Realty Capital to refinance a 162-unit multifamily building in Brooklyn’s East Williamsburg.
And in August, Starwood lent $500 million to Dune Real Estate Partners and Robert Martin Company to refinance the partnership’s 42-asset industrial portfolio in New York’s Westchester County, which covers 2.4 million square feet in the adjacent New York City market.
Elsewhere in the South Bronx, the Olnick Organization wants to expropriate a large development site on a largely vacant lot on University Avenue between West 168th and West 170th Streets in Highbridge. Olnick is seeking a deal worth around $60 million.
The parcel includes 10 vacant lots with an area of ​​170,000 square meters and the site could accommodate a project of 842,000 square meters.
— Holden Walter Warner
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Starwood, AB Capstone is developing a mixed-use complex in the South Bronx Opp Zone
Starwood is providing $500 million to renovate industrial properties in Westchester
Olnick cites the South Bronx development site as having a potential of 1 million sf
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