The apartment building known as The Crossroads, at 10 Rutgers St., has been sold for $59 million.
Public records show that Arbor Realty Trust (located in Uniondale, New York) has acquired the 83-unit rental building from The Hudson Companies, which developed the complex in 2001. As The Real Deal noted, the acquisition was financed through a $59 million mortgage from Raymond James Bank.
The Crossroads was one of the first luxury buildings to rise below Delancey Street. The project was made possible when the Archdiocese of New York agreed to sell a parking lot next to St. Teresa’s Church as a development site. The proceeds, totaling, $2.5 million, allowed the church to repair the interior sanctuary, which had collapsed. St. Teresa’s was built in 1842.
According to StreetEasy, apartments in the building have recently been listed in a range between $2500-4000/month.
