Paul, Weiss represented Rose Associates in the transaction.
Rose Associates executed the acquisition of 57 Alexander Street, a 3.6-acre development site on the Hudson River waterfront, near the Yonkers Metro-North station, with an additional 2.5 acres of land in the Hudson riverbed.
Rose consummated the acquisition in a joint venture with several family office investors, and intends to build a $180 million multifamily rental building with parking, including a total of 440 studio, one-, two- and three-bedroom units. T
he project is located in a designated Qualified Opportunity Zone and will also participate in the New York State Brownfield Tax Credit Program. The partnership expects to break ground on the project in the second quarter of 2020.
The Paul Weiss team included real estate partner Peter Fisch (Picture) and litigation partner Gregory Laufer.
Law Firms: Paul Weiss Rifkind Wharton & Garrison;
Clients: Rose Associates, Inc.;