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Report: Brookfield completes stake purchase in $650M Manhattan, NY, complex

Brookfield Property Partners LP completed a stake purchase in the $650 million four-building Waterside Plaza complex from property owner Richard Ravitch in Manhattan, N.Y., The Real Deal reported Oct. 15, citing sources familiar with the deal.

An earlier July 5 Bloomberg News report stated that Brookfield would pick up the interest in the property for about $600 million.

Waterside Plaza includes about 50,000 square feet of commercial space, which is let primarily to the British International School, along with a few retailers.

The unnamed sources added that the deal parties have secured about $380 million in debt from MetLife.

The publication did not receive a comment from Brookfield or Ravitch regarding the matter, with the size of Brookfield's stake remaining unclear as well.