RXR trades Downtown Brooklyn office for $70M

Scott Rechler’s RXR Realty is washing its hands of the first office it ever acquired in Brooklyn. Lincoln Property Company and Cross Ocean Partners joined forces to acquire the leasehold interest on the office building at 470 Vanderbilt Avenue in Clinton Hill, Commercial Property Executive first reported. A sale price wasn’t disclosed, but sources told The Real Deal it changed hands for $70 million, or $108 per square foot. The ground lease with Sol Goldman Investments still has 60 years left on it. The balance on the leasehold’s loan, last known to be refinanced in 2019, is $182 million. CBRE’s […]This article originally appeared on The Real Deal. Click here to read the full story.