The LeFrak Organization has purchased a 24-story Pace University dormitory and retail property at 180 Broadway using proceeds from the sale of a 22-story office building in the Newport development in Jersey City.
Crain’s reported the landlord picked up the interest in the Downtown property from a partnership between Jeff Sutton and SL Green Realty, in a $222.5 million deal that was announced by SL Green last week. The purchase includes the fee position in the building and a retail condo that houses TD Bank and Urban Outfitters.
Earlier this month, LeFrak sold the Newport office building at 575 Washington Boulevard to JPMorgan Chase & Co. and used the money to purchase 180 Broadway through a 1081-exchange, allowing the landlord to avoid paying capital gains taxes, according to the news site. [Crain’s] – Tom DiChristopher