Starwood sells South Bronx building for $94M

Starwood Capital Group quietly sold a building in the South Bronx for nearly $100 million. The firm helmed by Barry Sternlicht sold two commercial condominium units at 425 Westchester Avenue to EducationRE for $93.9 million, according to city records reported by the Commercial Observer. The buyer is a Florida-based not-for-profit that helps under-resourced schools with development and financing. The 10-story, 150,000-square-foot building counts Zeta Charter School and the Jewish Child Care Association among its anchor tenants. EducationRE is expected to help the charter school’s development of a facility, according to an application with the New York City Economic Development Corporation. […] This article originally appeared on The Real Deal. Click here to read the full story.