Business

Bermuda firm eyes $600m New York complex

  • Target buy: Brookfield Property Partners is in talks to buy Waterside Plaza in Manhattan

Bermudian-based Brookfield Property Partners LP is in talks to buy Waterside Plaza on the East Side of Manhattan for about $600 million, according to people with knowledge of the matter.

The property, which includes apartments, stores and space rented to the British International School of New York, is owned by Richard Ravitch, a former New York lieutenant governor and onetime chairman of the Metropolitan Transportation Authority. A deal has yet to be finalised and itís possible it could fall apart, said one of the people, who asked not to be identified because the transaction is private.

A Brookfield representative didnít immediately return a call seeking comment. Ravitch, reached by phone, said he is in talks with numerous parties and that the property isnít for sale.

Brookfield has been stepping up its investments in New York commercial real estate. Last month, it agreed to acquire Vornado Realty Trustís stake in 666 Fifth Avenue. Earlier this year, it spent $165 million for a residential development project in the Bronx.