Brookfield Asset Management Takes Full Control of Waterside Plaza Complex
The remaining 51% stake in the 1,400-unit Waterside Plaza residential complex is being sold for an undisclosed price to Brookfield Asset Management. Developer Richard Ravitch built the complex in the 1970s as a Mitchell Lama affordable housing development; and began a conversion to market rate in the early 2000s. In 2018, Brookfield acquired the minority 49% interest in the complex that is currently 70% market rate and located on the edge of Manhattan’s east side at 23rd Street. The deal with Brookfield that was originally “structured such that a ‘put option’ for the remaining interest would be able to occur in 2026 was accelerated. A restructuring of the ground lease expiring in 2069 for a 99-year extension had been finalized in 2019.