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CRAIN'S --Big Manhattan landlord makes $200M buy in B'klyn
February 28, 2014
RXR Realty buys the leasehold of a warehouse-cum-office building down the street from the Barclays Center as a first step in a plan to buy as much as $1 billion worth of outer borough real estate.
RXR Realty has bought the long-term lease of 470 Vanderbilt Ave., a large office building near the Barclays Center in Clinton Hill, Brooklyn, paying just under $200 million.
The lease purchase for the 650,000-square-foot former warehouse is one of the biggest acquisitions among a recent wave of activity in the outer boroughs by some of the city's largest property owners. It comes as competition, and prices have soared to nose-bleed levels for property in Manhattan.